In a hot real estate market, buyers may feel pressured to waive a home inspection in order to make their offer more attractive to sellers. However, waiving a home inspection can have both advantages and disadvantages. Here are some pros and cons to consider:
- Competitive Advantage: In a hot market with multiple offers, waiving the home inspection can give you a competitive advantage over other buyers. Sellers may be more likely to choose an offer that does not include an inspection. Waiving this contingency reduces the risk of delays or renegotiations.
- Faster Closing: By waiving the home inspection, you can potentially speed up the closing process since inspections can take several days or even weeks to schedule.
- Cost Savings: Home inspections can be expensive, ranging from $300 to $500 or more depending on the size and location of the property. By waiving the inspection, you can save money on this expense.
- Hidden Issues: Without a home inspection, you may not be aware of hidden issues that exist. These issues could cost you thousands of dollars down the line. These could include structural problems, electrical or plumbing issues, or mold and pest infestations.
- Safety Concerns: Waiving a home inspection could put you and your family at risk. There are many safety hazards that an inspection can uncover. These hazards could include faulty wiring, gas leaks, or carbon monoxide leaks, etc.
- Legal Liability: If you waive the home inspection, you may later discover problems with the property. If so, you may not have legal recourse against the seller.
It is important to weigh these pros and cons carefully. Its imperative to have a full understanding before deciding to waive a home inspection. This is true for any market. If you would like to receive a list of our favorite home inspection professionals CLICK HERE!
Other Authoritative Reference Publications/URLs:
1. Forbes – Should You Waive A Home Inspection?
2. The Balance – The Pros and Cons of Waiving a Home Inspection