By: Barry Stone
Dear Barry,
I've heard about a trend among buyers to waive a home inspection in a "hot" real estate market. Is this something a buyer has to do in order to get good deal and an accepted offer from a seller? -Edwina
Dear Edwina,
In a sellers' market, buyers sometimes agree to waive a home inspection, just to make the offer more attractive to the seller. But this is not a way to "get a good deal." It's a way to get a risky deal.
Waiving the right to a home inspection makes as much sense as bidding at an auction while wearing a blindfold, the primary difference being that far more money is at risk when buying a home. Not only is there the certainty of buying unseen defects, there is the potential risk of undisclosed safety problems. Homes are simply too costly and too complex to be purchased without knowing what you are acquiring for your money. Even if you agree to an as-is purchase, at least get an inspection for your own information, for your protection, and for your peace of mind. To make your offer more attractive to the seller, it is possible to have a home inspection without it being a contingency of the purchase. So waive the contingency if you must, but at least know what you're buying before you buy it.
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