With markets full of multiple offers buyers are often tempted to do anything to get a home. One thing they should not do is forgo the home inspection. Waiving the option to have an inspection can have major repercussions in the long run. Without a professional inspector viewing the property, the buyer essentially loses the right to make any requests for additional repairs that aren’t agreed to at the time of signing the initial purchase contract.
The argument for waiving inspection is often that in a seller’s market the seller can simply choose to accept one of the other offers waiting in the wings. While some states have disclosure laws that require a buyer to reveal any problems they are aware of, often sellers are unaware of potential problems. In some cases sellers will have an inspection done before putting the home up for sale to help with disclosures.
Buyers without an inspection lose the chance to have a professional, independent review of the property they are buying. Inspectors don’t just look at the home, they can provide an in-depth analysis that can determine not just current repairs needed but also things that might become a problem in the future. Inspectors examine heating, cooling, electrical and plumbing systems for any signs of potential trouble.
The bottom line is that waiving an inspection is rarely worth the risk. A home inspection provides an extra level of security and helps you plan for the future in your new home.