A home inspection contingency can make or break a deal and this is no secret to seasoned realtors and home owners. By having one written into an offer can not only save buyers time, money, and frustration, but also prevent them from purchasing a space that could literally be on the edge of collapse.
By having an inspection contingency buyers can negotiate or even back out of an offer if the inspector finds something severely wrong with the property, as long as the inspection is done within the timeframe specified in the offer. But with a market as competitive as today’s is, many buyers are going to extreme lengths to secure the home of their dreams, including waiving an inspection contingency and signing up to buy a house without knowing what lies beneath. If you do this, any repairs needed, from a broken dishwasher to new plumbing, become the full responsibility of the new homeowner.
Even though waiving an inspection can give you an advantage over other potential buyers, there is a huge risk. This has become more and more common as the housing market continues to boom. While this prospect might sound tempting here are some things you need to know before waiving an inspection:
It can mess with your finances for years to come
Let’s say you waive your inspection, move in, and find out there’s a crack in your boiler and it needs replacing. Except you’ve already put most of your money towards buying the house. So, you put the cost of the replacement on your credit card and then another repair comes up…and before you know it, you’re bogged down by not only your mortgage, but debt from home repairs.
Buying your first home can set you up financially or bury you if you make mistakes. For most homeowners, the equity they have in their home is in the top five of their financial profile. People should not get caught up in mania and should be responsible with their money.
If you’re set on waiving an inspection it should be on a purchase that will leave you with funds after closing should something major come up. In other words, don’t spend every last penny of your savings on the house itself.
A “mini inspection” is not a full home inspection…but it still may be worthwhile
With clients set on waiving inspection contingencies it is advised do a “mini inspection” or a “pre-inspection” prior to submitting an offer. Many brokers will allow about an hour to walk through with an inspector before or after an open house (though don’t attempt to do one during an open house without the seller’s blessing, or else you’ll risk getting kicked out).
But this is not a full inspection. Safety hazards like radon, asbestos, vermiculite, and knob and tube wiring aren’t going to be discovered in a brief walkthrough.
Call Anchor Home Inspection
Anchor Home Inspection is always available by phone to answer questions regarding your home. If you would like to consult with a professional about a home inspection, call Anchor Home Inspection now to schedule a home inspection today.
Anchor Home Inspections is a quality Home Inspector to Connecticut. Contact us to schedule a home inspection or any of our other home inspection services.
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