Home Inspections seem to be a very touchy subject in today’s real estate market. A lot of buyers are trying to keep their offers competitive when buying a home and think waiving a home inspection contingency will make their offer stronger. Some buyers believe that a home inspection is an unnecessary cost while another buyer will not skip a home inspection no matter the circumstances.
A home inspection is an evaluation of a property’s current condition and safety hazards. Home inspections usually examine heating and cooling systems, plumbing, electrical work, water, and safety issues. A certified home inspection will generally look at water damage, fire damage, and other damage in the home.
Regardless of the reason for skipping a home inspection, it may not always be the wisest decision. Home inspections can help you avoid making a very expensive mistake or buying a house that needs major repairs. Buying a house is a major investment so therefore you must do all your research and are confident with your purchase before spending all that money. A home inspection can help give you peace of mind about many things including major repairs and safety hazards on a home.
Red Flags found on a home inspection can lead to very expensive repairs. If you are nervous something may be wrong with the home you are planning on buying it is best to trust your gut and get a home inspection. Even if you think everything is fine with the house there could be a major hidden issue. A home inspection will point out the most major flaws and defects in a home. An issue with the foundation, an old roof, or even a faulty HVAC system can be extremely expensive and exhausting fixes when first moving into a new home. If you choose to drop the home inspection contingency from your offer then you may never learn of some issues with the home until they get worse and instead become an even bigger issue. For example, if you skip the home inspection that would have shown water damage in the basement, you will most likely continue to have water in your basement. This can lead to a major issue as time goes on and it could even cause mold to begin to grow. At this point in time, you would have already purchased the home and this issue would be your headache to deal with.
Another reason why waiving a home inspection is not a good idea is because a lot of the time you will lose some negotiating power. If you were to find a major issue during a home inspection you can generally renegotiate with the seller to have the problem fixed before closing, choose to walk away or discuss a solution that works for both of you. If you do not have a home inspection contingency in your offer you will not be able to have the inspection completed and then use the report to discuss problems about the home and re-negotiate.
If you choose to remove a home inspection contingency from your offer it is best to understand that there are risks involved. Sometimes the benefits of skipping a home inspection outweigh the risks. Even though we don’t recommend skipping a home inspection completed, a solution may be a walk and talk inspection. This is mainly for someone who is planning on waiving a home inspection because they don’t see any other choice but will help give them peace of mind during the home buying process. A walk and talk inspection is an informal review of the home completed by an inspector that talks with the buyer about issues in the home. There is no written report for the walk and talk inspection and it is generally completed within an hour or two, so it is much less extensive than a normal inspection. During the walk and talk inspection, the certified home inspector will discuss any of their findings with the buyer to help them best understand anything found during the quick review of the home. The walk and talk inspection is typically completed during a showing of the home while the buyer is touring the house, therefore it is usually completed before an offer being submitted to the seller.
If you are buying a home it is important to be happy with any decision you make. Regardless of what part of the home buying process you are in, you need to make sure you are doing what is best for you. If you choose to take the risk and waive the contingency or keep the home inspection contingency as part of your offer, make sure you are confident in your decision. You need to do what you feel the most comfortable with because at the end of the day you are the one making this huge financial decision and will be the one living in the home.