Your friends and family say that an offer stands a better chance at winning in a multiple offer situation if you waive an inspection. But other friends and family (you have lots of friends and a big family) say you should never buy a house without an inspection. What to do?
It’s great to have such friends and family that are trying to help you get the home you want. The short answer is, I do not recommend waiving an inspection. I have seen too many issues hiding behind fresh paint to feel an inspection is superfluous – even with new construction. But there are ways….keep reading, you house-buying warrior….
Having an inspection gives you the opportunity to get to know the bones of the home and discover the minor or major issues of the property – important information for any future homeowner. Even if a home is being sold “as is”, it is worthwhile to have an inspection done so you can get an idea of what it would cost to do the needed renovations.
Ok, you’ve got the “why” for doing an inspection. But in this hotter than hot market, how can you compete and still have an inspection?
One strategy that buyers can do is to get a pre-inspection. In this scenario, the buyer would pay to have an inspection done before making an offer on the property so they can know the possible fixes the property needs ahead of time and decide whether they want to move forward with an offer or not.
But (why is there always a “but”?)….
There are pros and cons to having a pre-inspection. First, not all sellers will agree to a pre-inspection (we’ll know because it will be in agent remarks or I’ll ask the Listing Broker). Second, the buyer pays for the inspection out-of-pocket and the seller may not even choose their offer to accept, causing the buyer to walk away empty-handed. That’s not fun, and can get expensive.
However, a pro is that the inspection itself no longer is a contingency in the offer, making your offer more attractive to the Seller. (Because after an offer is accepted, the inspection contingency is a way out of the deal for the Buyer and Sellers don’t want to have to sell their home again.)
Another situation is that Seller may have already had a professional inspection done of their property and therefore a buyer inspection is not necessary. It’s better than no inspection at all, however, I still advise buyers to have an independent inspection completed. If something was missed on the inspection, the Buyer may have recourse with the Inspector if they paid for the inspection.
If you are thinking about buying and want to know more about inspections give me holler, as you can imagine, I love talking about real estate! 206-930-2922 (voice and text) – firstname.lastname@example.org