Making an offer on what could be your dream home is as terrifying as it is exciting. You could spend the next three decades making payments on that property, or you might lose out because of how competitive the buying market has been recently. Trying to balance the need to make a competitive offer with the real value of the house can be a challenge.
One of the ways that those looking for a home have tried to make their offers more appealing to sellers involves waiving the home inspection. Doing so makes closing faster and ensures that the buyer has one less reason to back out before the end of the transaction.
It can be very appealing to a seller sorting through multiple offers on a property to have a prospective buyer offer to waive the inspection. However, not getting an inspection leaves the buyer in a vulnerable position.
You might pay far more than the property is worth
The most significant defects with a home are not always readily apparent. Foundation issues, problems with the electrical system or out-of-date plumbing may all require tens of thousands of dollars to fix and will not necessarily be obvious when you tour a home – even if you feel like you and your real estate agent have inspected things closely
Appraisers and professional inspectors know how to check these systems and will report problems they find or adjust the value of the home to reflect those defects. If you don’t find those problems, you might offer way more than the property is worth and end up needing to pay for those repairs as well.
In the event that you do learn about major issues with the property prior to closing, waiving your inspection could mean that you can’t back out of the sale without losing your earnest money unless you included other contingencies in your offer. Anyone thinking about buying a home will need support in making decisions that protect them and their financial future. An experienced attorney can help.