The housing market is tough and, unfortunately, cash offers are dominating whenever there’s a bidding war or multi-offer sale. One thing buyers are doing to sweeten the deal? Waiving their home inspections, a move that’s made with a goal of demonstrating to the seller that there will be no further contingencies on the sale.
But is it smart?
Amber Carlton, a real estate agent based in Fargo, North Dakota, who is a top seller for HomeLight, an online platform designed to simplify the home buying and selling process, says waiving your home inspection is situational, but when in doubt, you want to have one before signing on the dotted line. The risks of skipping it are vast since a home inspection will help you detect what costs, repairs and maintenance the home may require immediately and over time. It also presents the buyer with one final chance to walk away from a sale based on any changes to their understanding of the investment.
All that said, Carlton says there’s a work-around if you’re in a rush to make an offer: Bring a basement specialist to your initial property walk-through instead.