Waving The Home Inspection Is A Big Gamble.

 

 

This is a must read for all home buyers! A MUST read! Jon Kolsky has written a very good post about WHY waiving a home inspection is not in your best interests - by a long shot. I highly advise all of our home buyers to have a home inspection - on every single transaction. Please take a moment to read this very valuable information. And if you have any questions about buying a home in the Phoenix area give me a call. 

 

Waving The Home Inspection Is A Big Gamble.

 

 

 

As a home buyer, you want to make your offer as attractive as possible. But waiving the home inspection may sound like a great strategy, but it is a big gamble at the very least. And here’s why.

 

Buyers in a competitive housing market need to sharpen up their pencil before making an offer, so they don’t get beat out by others buyers. Besides offering a quick closing date or more than the asking price, some buyers might be tempted to agree to waive the home inspection.

 

Agreeing to waive the home inspection isn’t such a great idea and could be a big gamble that’s not worth taking. Sure, the home may look amazing to the eye, but it is the things that cannot be identified (and or) the things beyond the surface that can turn your gamble into a gigantic mistake.

 

Here are just a couple of examples of what a typical buyer might have no clue about until they get the home inspected by a professional home inspector. Typical buyers have no idea about the electrical system, the water heater, the HVAC system, the roof, and the plumbing. Typical buyers won’t be able to see termite evidence or spot asbestos among other things in the home, as well.

 

Here’s what buyers need to keep in mind when it comes to waving the home inspection. In spite of loving the home or how fervently attached you are to it, buying the home without having it inspected by a professional can work out badly in the long run. Just imagine a few months down the road, and you’re all settled into your new home. You won’t be happy when you go to turn the AC on and realize it doesn’t work — and then you’ll be kicking yourself when you find out it is going to be $15,000 to replace the system.

 

Not only is buying a home a major deal, but buying a home is also strenuous and emotional, too, and you don’t want to get caught up and make a big mistake; it can cost you a small fortune and or worse. Buyers that are experiencing bidding wars and are several months into the home buying process start to think less clearly, and that’s when things can start to go sideways.

 

One good alternative solutions to satisfy your need to inspect, while remaining competitive is to write a one-day or two-day inspection contingency into your offer. By writing a one-day or two-day inspection contingency – this will allow you the opportunity to inspect the home, and at the same time, it allows the seller comfort that they won’t lose momentum if you walk away. And when you do inspect the home, and it passes with flying colors, then you can waive your inspection contingency because you’ve inspected already.

 

In a seller's market (particularly when there are multiple offers) often there is a small window of time between when offers are due, and when the deal starts to go forward. Buying a home is the biggest asset of your life. Markets change, and you don’t want to find yourself in a home you can’t afford or, much worse, can get out of because issues you missed by waiving inspections. Bottom line; you want to move quickly to give yourself a competitive edge, but you have to be smart at the same time.

 

 

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Anna "Banana" Kruchten
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Comment balloon 9 commentsAnna Banana Kruchten,CRS,CRB,GRI • August 11 2017 01:04AM

Comments

It is a huge gamble that I would never take on an investment of this magnitude either, Anna. There's time - just do it!

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) 12 days ago

This is an excellent selection for a reblog. Thanks for sharing.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) 11 days ago

Good morning Anna.  Good post that is worth sharing as this is not something one should do.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) 11 days ago

This is a risk that most people should not take upon themselves.  Most do not know what to look for

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) 11 days ago

Good morning Anna. A wonderful choice for a re-blog and a terrific one too. Now off to tell Jon.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 11 days ago

Great choice for a re-blog.  It is important for home buyers to go into their purchase with their eyes wide open.

Posted by Belinda Spillman, Colorado Living! (Aspen Lane Real Estate Colorful Colorado) 11 days ago

Anna Banana Kruchten, CRS ~ thanks for the re-blast... The more we get out this message - the better buyers will do

Posted by Jon Kolsky, Licensed California Real Estate Broker (Kolsky Realty & Management) 11 days ago

Great reblog Anna Banana Kruchten, CRS .  I always advise everyone to get a home inspection.

Posted by Elyse Berman, PA, CRS, Pet-Friendly Realtor, 561-716-7824 (Realty Associates Florida Properties) 11 days ago

I hate when I hear someone say those words! My advise...don't not get one! They are so important. 

Posted by shirley cicero, Northern Colorado Mountain Homes and Vacant Land (United Country Ponderosa Realty Associates) 11 days ago

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