Should Buyers Waive a Home Inspection?

Photo by realtor.com

A buyer will typically have a contract to purchase with contingencies. These contingencies are meant to protect the buyer. We consider a home inspection to be the second most important contingency in a contract, second to a loan or financing contingency. But should a buyer consider waiving a home inspection? Let’s look at this realtor.com article.

A home inspection is something that protects your financial interest in what will likely be the largest purchase you make in your life. Considering the health and safety of your family is also important. Home inspections can uncover potentially hazardous items in a home. A home inspection costs a few hundred dollars, but gives homeowners the peace of mind to purchase or not to purchase the home.

Why would a buyer waive a home inspection?
1. Home inspectors are booked solid and finding one to do the inspection within the 10 day period is hard to come by.
2. Multiple offer situation and the buyer’s offer without a home inspection is more enticing for the seller.
3. New construction and the home is under a builder warranty.

Bottom line: Spending a few hundred dollars on a home inspection is almost always money well spent!