Should I Waive a Home Inspection?
As a Baltimore, Maryland homebuyer, you may feel compelled to waive a home inspection. That’s because a seller may already have 4 or 5 other offers on the table for a home that you want to buy. That’s because there may be a limited number of available homes for sale in your area. While we advise you not to, occasionally, circumstances may influence your decision to waive your inspection for the following reasons.
- It is a competitive- sellers’ market.
- The house looks new and seems to be in good condition.*
- You may want to make your offer more appealing to a seller.
- As a first-time homebuyer, you may think that it is an unnecessary expense.
With few homes available for sale throughout the Baltimore-Washington area you may feel like you must fight your way to properties. That’s because the competition is getting very fierce. By waving your home inspection contingency you may feel that it will help seal the deal in your favor.
A home inspection indeed may prevent your offer from being accepted due to the seller’s desire to sell their home quickly. Still, it makes sense to spend a few hundred dollars for a home inspection before spending several hundreds of thousands of dollars on purchasing your new home.
What is a Home Inspection Contingency and How Does it Work?
The home inspection contingency is included in a purchase agreement between the buyer and seller. It is a provision that allows the home buyer to have a third party examine the home. The inspection will determine if there are structural, mechanical, potential safety or environmental issues present that could require costly repairs. Adding a home inspection contingency to your offer gives you, as the buyer, the option to negotiate these repairs or dissolve the offer if an agreement cannot be reached.
The purchase agreement spells out the time frame that the buyer must complete all inspections. It also notifies the seller of any findings and the number of days the two parties can negotiate any repairs. Of course, home inspection contingencies can put buyers at a disadvantage in a highly competitive real estate markets. That’s becaise sellers may prefer contingency-free or cash offers rather than negotiate for repairs noted in a home inspection. However, the alternative may add up to tens of thousands of dollars for repairs or replacements added onto an already inflated purchase price.
Wait! Do not Waive Your Home Inspection; You Have Options
While you may feel compelled to waive your home inspection to secure your dream home, there is a list of available options that you may not be aware of that you should consider before waiving the home inspection contingency.
- You can still get a home inspection after your offer is accepted for information purposes.
- You can also conduct a pre-inspection before making an offer. If the pre-inspection does not reveal any serious issues, you can waive the home inspection contingency with confidence.
- You can try to close the deal faster, offer cash, or eliminate other contingencies to sell your home within a specific time frame.
- Offer a larger deposit or shorten the length of your requested inspection period.
If the seller is unwilling to allow a home inspection under any circumstances before finalizing the sale of a home and you would like some peace of mind knowing that you made a sound investment, perhaps an after-purchase inspection would be your best available option.
The After Purchase Inspection
We understand that you may have to bypass the home inspection to submit an offer without conditions to get it. While we don’t recommend it, we respect your decision and congratulate you on the purchase of your new home. Now that the sale is finalized, how about scheduling an after-purchase inspection?
While you can’t negotiate repair costs, an after-purchase inspection can help you better understand what potential problems you may encounter. For example, if you inherit a home with any safety issues an inspector can identify them for you. This will allow you to repair the issues and protect your family from any harm. Once you have the information that you need from the after-purchase inspection you can begin to budget your money for any future repairs and prioritize your needs. After all, knowledge is power, and knowing if you will have any potential issues can prepare you for them when they arise.
There is no difference between a home inspection that will be done after the purchase compared to before. The home inspector will still review and check a home’s systems just as he would during any other inspection. In addition, he will be glad to answer your questions to help you better understand your new home’s existing condition.
How Do I Schedule an After Purchase Inspection?
Keep in mind that no home is perfect. However an inspector can identify any concerns, issues, and repairs that may be needed. After all, your home is a significant investment. The more information you have about your new purchase, the better. To schedule an after-purchase inspection, call us now at (443) 539-8710 or complete our web submission form. Than one of our friendly representatives will contact you to schedule a date and time that is convenient for you.
*Our inspectors can tell you many horror stories about a home that was just renovated and looked beautiful to the untrained eye. Upon completing the inspection they discovered these homes had multiple plumbing, electrical, or structural issues that cost thousands of dollars to repair.