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The Serious Risk Home Buyers Run by Skipping Inspections

Friday, September 16, 2022   /   by Laura Larson

The Serious Risk Home Buyers Run by Skipping Inspections

Skipping the inspection may seem like a smart move when you're attempting to make your offer as appealing as possible. Here is why it isn't: You might be tempted to take drastic measures if you're buying a property in a competitive market and your offers keep getting rejected. Some purchasers consent to forego inspections in addition to making an offer that exceeds the asking price or arranging a speedy closure.

That is rarely a wise move. The house may appear to be in good condition from the outside, but the real problems usually lie beneath the surface or with things that are difficult to spot as troublesome. For instance, the ordinary buyer won't be able to detect asbestos, nor will they be able to recognize signs of a termite infestation or an HVAC leak.

You shouldn't buy a home without having it thoroughly inspected, no matter how much you desire it or how emotionally committed you are to it. Imagine yourself six months from now, after you've completed the transaction and moved into your new house. When you try to turn on the heat and discover it doesn't work, you'll kick yourself because the remedy costs $20,000.

You might not be able to see or think clearly while you're in the middle of a bidding war or when you've been looking for a home for seven months. Avoid getting sucked into the commotion. You could lose a lot of money by skipping the home inspection. Here are some different approaches to meet your demand for inspection while yet being cost-effective.

Pre-sale inspection
Before you put in an offer or sign a contract, inspect the house if you really like it. The worst-case scenario is that you invest a few hundred dollars in researching a house that you don't buy. Always err on the side of caution. You can waive your inspection contingency if you do inspect the house and it passes muster because you have already inspected it.

The seller’s inspection
Before listing, the seller will frequently have the property inspected. They do this so that they can either fix any problems before listing or so that consumers are aware of exactly what they are purchasing. It shields the sellers from further haggling and enables them to list the property at the right price right away.

The inspector's liability extends solely to the person who paid for and commissioned the inspection, which is the only problem. You might have no recourse if that inspector overlooked something.

Move quickly.
There is frequently a brief window of time between the deadline for proposals and the start of a deal. When there are several offers, in particular, sellers don't want to lose their momentum.

Schedule an inspection a day or two in advance if the market is moving swiftly. A reputable local agency will know an inspector who will do it if you are working with them.

The seller will feel more secure knowing that they won't lose momentum if you withdraw from the deal if you include a one- or two-day inspection contingency in your offer.

Bottom line
Avoid getting sucked into the excitement of a bidding war. If you find yourself getting frustrated, consider the big picture. The largest asset of your life is something you're buying. Because markets fluctuate, you don't want to be stuck in a house that you can't afford or, even worse, that you won't be able to sell because of structural or engineering problems that you overlooked by skipping inspections.