Inspect the Unexpected
In the competitive spring market, a common inquiry from real estate professionals and home buyers is how to beat out the competition and make their offers to purchase more likely to be accepted. Sellers in this market are looking for offers to purchase that have the highest likelihood of closing. An offer to purchase real estate provides several contingency options for a buyer to present to the seller. Each contingency essentially gives the buyer an opportunity to walk away from the transaction. One such option is to conduct a home inspection.
A home inspection is conducted by a licensed professional and may include testing the structural soundness of the home, as well as for the presence of radon, pests, lead or even testing the water quality. If any of these inspections reveal problems with the home, the Buyer may cancel the deal and walk away. Sellers prefer offers without an inspection contingency because there is less risk that the deal will fall through.
If a buyer decides to waive a home inspection, they should keep in mind that there is a possibility they will be purchasing a home in need of expensive repairs, that there may be structural or mechanical defects and that hazardous substances or materials may be present in the home.
Whether a buyer is comfortable with these risks will depend on the particular situation and the particular buyer. The very best that I can do for my clients is to advise them of the risks and help them to make educated and informed decisions.
Posted In: Real Estate