Should you waive the inspection?
In the rush to make your offer as attractive as possible, waiving the inspection may seem like a tempting option to get the seller to choose your offer over the competition. Here’s why that is a bad idea.
Let’s face it, the market is competitive. If your offers keep getting beat, you may be thinking about resorting to some desperate measures. While it is common for some buyers in a competitive market to offer more than asking price, some home buyers may also agree to waive inspections. This is a risky proposition that usually turns out poorly for the buyer. The home may look OK upon first glance, but it’s what’s under the surface that can be problematic. A pest infestation, a plumbing system leak, foundation issues or even things like Radon levels or the presence of asbestos can be easily missed by the desperate home buyer. The entire purpose of spending money and time during an inspection contingency period is to make sure that you are not spending tons more money on the purchase of a “lemon.”
It doesn’t matter how emotional you are about a potential “forever home,” it is our recommendation to never buy a home without having it thoroughly inspected by a professional. Our fear is that if you waive the inspection, eight months down the road when you’ve been making mortgage payments and are fully moved into your new home, you will find things that you wished you would have known before.
Should you waive “seller’s disclosures” or buy a property “as is”?
As a buyer, you have nothing to gain in waiving the seller’s disclosures. In the search for any buyer’s primary residence, if a Seller has avoided making material fact disclosures about a home that they are living in, this should raise some red flags. Our goal as agents is always to provide as much information as possible and to protect all of our buyers. If a seller is unwilling to complete seller’s disclosure documents then our ability discuss important information is limited by the small amount of details we have about that property. We think and believe that one of our most important roles is to review disclosures and have discussions with our clients about what is found within those disclosures. The moral of today’s blog is to always gather as much information about a potential home purchase before you move in and it has become too late. You can find a list of trusted inspectors on our preferred vendors page that are wonderful resources to help protect buyers in the home search phase. As always, reach out to your team at Patriot Realty for questions and advice!