In todays crazy competitive real estate market many buyers are waiving the home inspection. This is a terrible idea that can end up costing you more than the winning bid. A few hours and a few hundred dollars can save years of head aches and tens of thousand of dollars.
Last summer an agent I was mentoring had a situation where his buyer had read an article about how waiving inspections was helping many buyers get their offer accepted. This agent had adamantly advised doing so but the buyer insisted. With a well over asking price and waived inspection, their offer won and they sailed to a quick and easy closing. This young agent delivered to the keys to his elated buyer.
Unfortunately, the story does not end there. About a week after moving in the new home owner discovered a soft spot in the living room floor. As it turned out, there had been significant water damage under the house and the posts and joists were completely rotted. The posts, joists, subfloor, underlayment, and floor covering all had to be replaced throughout the entire house. The home was rendered completely uninhabitable until tens of thousands of dollars of work was completed. During the floor repair process, significant and obvious electrical and plumbing issues were discovered. The new home owner was unable to afford all the repairs and has since been living with his mother.
This story is extreme but it illustrates why it’s never a good idea to waive the inspection. The risk is just too high. On every home I list, I pay for an inspection for my sellers so we can alleviate and address any concerns potential buyers might have.
