You have found the perfect home in the best location for your family. The home meets all of your qualifications and has everything that you have always dreamed of having in a first home. But have you decided to move quickly and waive the inspection just so you can move into your dream home?
Brendon Desimone, writer for Zillow Porchlight, shines the light on The Huge Risks that Home Buyers Take When They Waive Home Inspections.
When you’re trying to make your offer as attractive as possible, skipping the inspection may seem like a good idea. Here’s why it’s not.
If you’re buying a home in a competitive market and your offers keep getting beat out, you may be tempted to resort to desperate measures. In addition to offering more than the asking price or a quick closing, some buyers agree to waive inspections.
This is never a good idea. The home may look OK to the naked eye, but it’s what’s beyond the surface, or items that you can’t identify as problematic, that cause the biggest issues.
For example, the typical buyer won’t be able to spot asbestos, nor will they see evidence of termite infestation or a leak inside the HVAC system.
No matter how badly you want the property or how emotionally attached you are to it, you don’t want to buy a home without having it thoroughly inspected. Just imagine six months down the road, when you’ve closed on the sale and moved into your new home. You will kick yourself when you go to turn the heat on and realize it doesn’t work — and the fix is $20,000.
When you’re in the thick of a bidding war or in your seventh month of searching for homes, you might not be able to see or think clearly. Don’t get caught up in the hoopla. Waiving an inspection can cost you a fortune. Here are some alternative solutions to satisfy your need to inspect, while remaining competitive.
Read the complete article here.
Michelle Lohman, Realtor®
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