Should You Waive An Inspection Contingency?


Should You Waive An Inspection Contingency?
By Scott Rogers • April 13, 2021
Many buyers in many price ranges are finding it difficult to compete against SOOO many other buyers making offers on a house. They are left asking themselves how to make their offer stand out amidst multiple other competitive offers. As a buyer in this crazy market... Should You Wave An Inspection Contingency? As you might expect, it depends. Here are a variety of perspectives to consider... NO. Don't waive the inspection contingency. There could be serious issues with the house -- a failing foundation, mold in the crawlspace, a leaky roof, broken roof trusses, unsafe electrical wiring, and more! An inspection can help root out most issues with a property to give you a full and thorough understanding of the condition of the property you are purchasing. YES. Waive the inspection contingency. You'll end up spending money on your home over the first few years for maintenance or upgrades anyhow, and even if there are some surprises, you can just lump them into that cost of homeownership. YES. Waive the inspection contingency. The house is only __ years sold. What could possibly be wrong with it at this point? YES. Waive the inspection contingency. How else will I actually secure a contract on a house in such a competitive market!? In the end, I suppose it depends both on the house and you... The House: How old is it? Has it been well maintained? How old are the major systems of the house? Were you able to view the basement or crawlspace during a showing? Were there any red flags? You: Are you relatively handy with home repairs or are you overwhelmed by even the slightest need for improvements? Are you comfortable with risk? How badly do you want to buy a house. I am still recommending that my buyer clients include an inspection contingency in their offers but I am being clear about the downside of doing that as it relates to competing with other offers -- and some of my buyer clients are deciding to waive the inspection contingency after all. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 24, 2024 (unless otherwise noted).
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