In today’s hot housing market, you’ve likely heard the term “a seller’s market.” As the demand for housing increases, buyers have to come up with attractive offers. Some come above the asking price, while others pay all cash.
It may be surprising to learn that 25% of buyers are waiving the home inspection to help their offer stand out. When dealing with large purchases and making financial investments, you might wonder if it’s a good idea to waive a home inspection.
What is a housing inspection?
Typically, a housing inspection occurs after a seller accepts a buyer’s offer. A non-biased, certified inspector comes onto the property and looks at the home’s structural integrity and some features inside. A housing inspection covers the following:
- Building’s foundation
- Roofing and Supports
- Attic and Insulation
- Electrical and Plumbing Systems
- HVAC and Heating
While some inspections cover more extensive features such as appliances and aesthetics, at a minimum, the assessment will give you an idea that the property is in good working order.
Who holds the risks?
The buyer holds the risks when they waive a home inspection. If you purchase a property without an inspection, you could find significant defects after you own it. As the property owner, these could cost substantial money to repair.
Still, there may be other ways to send an attractive offer when navigating a competitive market. Choosing your words carefully when agreeing to purchase a property can help you convey the right message while protecting yourself and the buyer.
Suppose you’re buying a property in this competitive market. In that case, you might want to become more familiar with real estate laws. That way, you can purchase your dream home with peace of mind or know how to recoup when losses occur.