A home inspection is a standard part of the home-buying process. During normal times, questioning whether or not to have an inspection would be unheard of. With this said, the current real estate market is resulting in many bidding wars. This has led to many buyers waiving their inspections in order to make their offer appear even stronger. In addition, the increased demand for inspections has resulted in a shortage of available home inspectors in a timely manner.
Although the current environment is extremely competitive, it is never a good idea to waive a home inspection. As an example, a buyer could have their bid accepted by waiving their home inspection only to learn that the house has costly foundation issues or requires an expensive new roof. This could not only lead to significant added costs for the new homeowner, but it could also lead to tremendous headache.
Presenting a stronger offer
In the event that a buyer is trying to make their offer even stronger, the ideal approach would be to present an offer with no financial contingencies. This will put the seller at ease knowing that the deal will not fall apart due to the inability to obtain financing. If this is not an option for a buyer, then putting even more money down on the property will also strengthen the offer.
As we have mentioned in previous articles, you can never save too much for a home purchase. Presenting a strong offer will always benefit the buyer in any market. In addition, a home inspection is the buyer’s only chance to do their due diligence on a property and offers the flexibility to either proceed or cancel the purchase. To put it another way, a $500 – $1,000 home inspection could potentially save you many thousands in subsequent repairs. As with any home purchase, a disciplined, non-emotional approach is critical to success.