By Barbara Lehrer
Real Talk
Barbara Lehrer
Are you a buyer who is anxious to buy a property in this market? There are still multiple offers on every listing. Supply and demand are not in balance. There are many strategies to get the deal. However, waiving a home inspection can be a pricey one.
A home inspection is a chance to gain an education on the property. There can be many inspections, including the main inspector, an HVAC specialist, a termite company and a well and septic evaluation. Do you really want to eliminate all this information? If you add up the costs for possible repairs, will you be paying a substantial amount more for the home?
One strategy is to request an inspection for “informational purposes only,” with a five to seven-day window. If there is a problem you can still back out of the deal. What you are saying when you make this contingency is that you do not intend to ask for anything – funds nor repairs. However, you still have a short window in which to cancel the deal if you see a red flag.
Sometimes a serious repair is something the seller will address for you so as not to start all over with a new deal, because going back on the market always raises concerns from the new prospects.
Another strategy is to just request inspections on certain parts of the home. For example, you could have just a roof examination or a septic evaluation, if you think those items are in question. That way you may be ahead of other buyers who are requesting complete inspections.
Always check with your real estate attorney on relinquishing your rights on the contract in order to get the deal. In many cases you could have a problem on the closing date during the walk-through. If you claim that something has changed, yet you waived your inspection rights, it is hard to prove you should be entitled to some new evaluation and restitution. At that point, you have already agreed to take the property as is.
If you feel strongly that this is the home for you and you have the funds to take on any problems, then waive the inspection. However, as soon as you are the homeowner you should then have a complete evaluation. Checking for radon or well water issues are very important to your health. A good inspector gives you pointers on future work to be done and usually includes consultation for a year, giving you access to internet information their company can share.
If you need more information on these issues, email Barbara.Lehrer@cbmoves.com.