How Risky is Waiving the Inspections?
These Tips Could Help Save on Future Repairs.
It’s a seller’s market in most areas of the country, which means many buyers are trying to submit the most attractive offer possible the first time. You could think waiving the inspections is a good idea because this will make your offer more attractive. However, this may not be the case.
While submitting an offer above the asking price and offering a quick close may be appealing to the seller, you should never waive inspections. A home could look perfect to the naked eye, but could have all kinds of issues below the surface. In fact, some of the biggest issues are hard to spot without an inspection.
Most buyers cannot spot issues with the HVAC system, termite infestations, asbestos or even water damage. Even if the home looks like your dream home, waiving an inspection is incredibly risky. It could end up costing you thousands of dollars in repairs, which could have you overpaying for a property not worth the offer you submitted.
You don’t have to waive the inspections to make a competitive bid on a home. Here are some of the ways you can keep your offer competitive without taking a huge gamble.
Get a Pre-Sale Inspection
If you fall in love with a home, you can order an inspection before you submit an offer or sign a contract. Even if the inspection comes back with issues, you’re only out a few hundred dollars instead of thousands. If the home passes, you can waive the inspection contingency and make your offer.
Check the Seller’s Inspection
Many sellers will get an inspection done before listing so they can make repairs to anything small and gain negotiating power. The only issue with counting on the seller’s inspection is the inspector isn’t liable to you, but instead the seller. If they missed something, you won’t have any type or recourse.
Offer Quick Inspections
When you make an offer, you can have a pre-scheduled inspection ready to go. Good real estate agents will know the inspectors in the area and will be able to make this happen fast. Sellers don’t want to wait when they have multiple offers. Add a one- or two-day inspection contingency to your offer to ensure the seller knows you mean business and it’s going to happen fast.
You don’t have to take the risk of buying a home without getting inspections done. Instead, use these tips to submit a competitive offer and protect yourself from future repairs you could not have predicted on your own.