Would you waive a home inspection?
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
|
NEVER ever ever ever ever ever ever.
Never. Nope. We were about to bid on a house when the home inspector caught what would have been a 90K (yes, $90,000) repair. A foundational wall was bad. Absolutely not worth it. |
Anonymous
|
Waiving these are a sign of Bubble 2.0.
Of course all the DC boosters will declare that now it's different, that DC is such a great place to live and that EVERYONE wants to be where the action is ... but come on, is it really worth dropping $200 a pop on places that you might be interested in? |
Anonymous
| NO. don't do it. Stuff comes up that you can't see with your untrained eye that could potentially cost mega bucks. We walked on a contract due to a significant crack in the foundation that was underneath a renovated space. We never would have seen it otherwise. Totally not worth it...if there is nothing wrong with the house, owners don't care if you do one. Just keep the window short and tell them you are only looking or big things, not trying to nickel and dime. |
Anonymous
| OP, there are typically two types of inspection contingencies - home inspection and general inspection. The difference is the home inspection allows for negotiation on everything uncovered, while the general inspection is a take it or leave it option. As a buyer, you at least know what you're getting into and whether the scope of issues is a deal breaker. We waived the home inspection, kept the general inspection, and the inspection turned up nothing major (but a long list of minor things) so we took it. I do believe that waiving the right to negotiate on minor issues helped our offer. |
Anonymous
That's obvious, the cash offer always wins. Unless the house you're selling is in terrible shape and you except major items to come up in a home inspection, always pick the cash offer. |
Anonymous
ditto this. our realtor actually told us that waivers of inspection and appraisal make him uncomfortable, and he's generally opposed to them. |
Anonymous
It sounds as if you had a preinspection, though, which is exactly what I suggested to OP. |
Anonymous
|
We waived the home inspection and offered cash. It was a tough market. It worked out fine for us.
I don't have a lot of faith in home inspectors so waiving didn't feel like much of a risk. The inspector who came in when we sold our house found a million small things and missed some major ones (like the roof needing replacement). |
Anonymous
because somebody who accepts to buy a house without an inspection is dumb and takes very unwise and dangerous decisions that can have bad financial consequences. in a hot market, buyer can have a pre-offer inspection, and than make an offer without inspection contingency. this has been very common in my area in the past year, to the point that homes ended up with multiple offers where most offers did not have the inspection contingency since several prospective buyers had done a pre-inspection. the downside is that the ones who did not get the house paid for the pre-inspection and did not get the house (a friend did it a couple of times and lost the bidding war, after paying around $500 for each pre-inspection). but at least you know you are buying a home that does not need tens of thousands of $$ to repair a cracked foundation or other expensive repairs |
Anonymous
| Do not waive. We lost houses refusing to waive. Our house was sold as is, which was fine by us. They allowed inspection to make sure all cosmetic or normal old age. Glad we did it it know how to financially plan. We did not ask for any repairs. |
Anonymous
Because my bias would be that anybody willing to take that big of a risk to get into a particular home is probably also stretching on the finances. |
Anonymous
|
It's fall. Is the market where you are looking still this heated?
|
Anonymous
| You are not waiving an inspection. You are waiving the right to make demands based on one. We bought a house "as is" but we still had the right to walk if the inspection turned up something major. In our contract, we had 48 hours to rescind our offer. We also would not have gotten the house without this clause, as the sellers were anxious to settle quickly without hassle. |
Anonymous
I thought OP expressly asked about waiving an inspection, and I think that's a bad idea. A contract that is sold "as is" but includes a right to inspect is significantly less dangerous, since you can walk away (which effectively gives you the right to make demands even if you've nominally ceded that right). |
Anonymous
| How can someone stop you from inspecting? That's ridiculous. All contracts have some right of rescinding, even if it's a very narrow window. |