When a real estate market is extremely hot it can be tempting for buyers to waive the home inspection but is this a wise idea in order to get the sale or have the seller accept the offer?
A home inspection will not tell you what the home is worth; that job is up to the home appraiser. But, the home inspection will tell you if an appliance is broken, items need to be repaired, or certain situations need to be replaced altogether. However, a home inspection is not all-encompassing. They may not be able to tell you of some mold or mildew is growing behind the walls or if the foundation is cracked in an area that cannot be accessed. The home inspection is also not a guarantee that the property will be in the same condition when you finally buy it.
A home inspection is a vital part of the home buying process and should be conducted by a licensed professional. They will run the heating and cooling system, investigate water heaters and appliances, and check out any hazardous issues with the plumbing, wiring, and electricity. If needed, they will recommend an additional inspection.
We are often asked if the buyer should waive the contingency in order to get the deal accepted. This really should be based on a case-by-case basis. If the home is brand-new, there may not be the need for inspection even though new homes should have inspections as well. If the buyer is convinced that they want the home regardless of the condition, you may choose to waive the inspection. If the buyer is comfortable making their own repairs after the final closing, they may have a better reason to waive the inspection. Waving the inspection gives the sellers the right to sell the property as is and it's basically "buyer beware". Instead of asking for an inspection the buyer could request other items that the buyer can clearly inspect on their own such as clear access to the attic or crawlspace, an empty dishwasher, easy access to the electrical panel, easy access to furnace and water heaters, asked that the water left on if it is been previously turned off at the main. If you feel comfortable inspecting the home yourself and would prefer to waive the inspection, it's likely your offer will get put at the top of the list.
For more answers to your home inspection questions contact our office today.