Here’s what you should know before waiving your inspections.
Today’s message is a public service announcement for anyone thinking of buying a home or already in the middle of the home-buying process.
You may have heard about the topic of waiving all of your home inspections. This is a tough subject because, as everyone knows, we’re in a seller’s market. Buyers are coming up with very creative ways to make their offers stand out and entice sellers to work with them. What’s one of the easiest ways to make your offer appeal to a seller? Waive the home inspections! Obviously, we understand that this is appealing to sellers, and my team and I tell our clients that they might be up against other buyers who’re waving their inspections. It’s a tough thing to compete against unless you’re also waiving your inspections.
A word of caution, though: A house is likely the largest investment you’ll ever make. Even if you decide to waive inspections, you can’t rely 100% on the property disclosure that the homeowner(s) filled out. They might have forgotten about something or didn’t answer something honestly. You can’t know for sure, so you can’t assume all of the boxes on the form are checked ‘no’ and there aren’t any problems with the house.
We’re still brainstorming ways to help our clients obtain the houses they want and compete in multiple-offer situations while also protecting them and ensuring that they know:
- What type of house they’re buying
- What to expect when they move in
- How the systems operate
- Every other piece of valuable information you normally get from a home inspector
We’re also brainstorming ways to help our seller clients with this type of situation. If you’re a seller, you might think it’s great that your buyer is waiving all of their inspections, but after they move in, who do you think they’ll seek out the instant something goes wrong? That’s right: the former homeowner.
It’s a crazy market out there, and we’re all doing our best to navigate it. Remember to be careful and use your best judgment. Again, a house is likely the largest purchase you’ll ever make, so make sure you’ll be happy with it when you move in and for years to come.
As always, if you have questions about this or any real estate topic, don’t hesitate to reach out to me. I’m happy to help.