In a balanced market—where buyer demand is in sync with the
availability of homes for sale—it would be unusual to see home buyers
waiving inspections. But this year has been anything but usual. With COVID-19
as the backdrop, the paucity of homes for sale, coupled with strong buyer demand,
has caused some buyers to forgo inspections. This has been most likely to
happen when multiple bids were received or expected.
When a seller
receives several bids with the same offer price, but one buyer agrees to waive
inspections, the seller is likely to choose the bid without inspections. In doing
so, they avoid the cost of fixing any problems an inspector may identify and avoid
the potential for the sale to fall through because of disagreements about
repairs.
Common
Inspections
The most
common inspections in our area the home inspection, radon test, and wood infestation inspection. For homes with wells and on-site septic
systems, buyers typically also do water, well, and septic inspections. Other possible inspections are lead-paint, stucco, mold,
and pool inspections.
What to Consider Before Waiving Inspections
Waiving some
or all inspections may be tempting, especially if you’ve made offers on several
homes and lost out to other buyers. Before taking this route, consider whether forgoing
inspections to make your offer stronger is worth bearing the risk of discovering costly problems after you move
in. Will you have the cash to make repairs
if problems turn up after closing?
Ask yourself whether you like the home enough
to take this risk. Is it likely that another home will come onto the market soon that
you would also be happy to own? Is it important for you to move now, or can you
wait for another home to become available? Although some buyers may decide that
waiving inspections makes sense for them, it may not be the best choice for everyone.
You Might Also Like
What to Expect From Inspections
The Stucco Quandary
Should You Buy or Sell First?
See more of my articles on related
real estate topics. What
topics would you like covered? Send your ideas to annette@preferredhomes.com
If
you’re planning to buy or sell a home, contact Annette Nelson at (610)
247-7892 or annette@preferredhomes.com
#realestate #housing #HomeInspection
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© 2020 by Annette Nelson. All Rights Reserved.
