My short answer to whether you should forgo a home inspection is: it depends entirely on today’s competitive market conditions. It almost seems like every buyer is currently waiving inspections to compete, but it’s crucial to understand what you’re giving up.
Why Waving the Contingency Isn’t Waving the Knowledge
Real estate agents are not home inspectors. While many homebuyers and sellers rely on their agent for sound advice, my take is this:
The Inspection Provides Invaluable Information
Generally, a home inspection provides valuable information about a house that you might not otherwise know, especially regarding necessary repairs and the age of critical systems.
The simple exercise of attending a home inspection, paying the inspector, and asking questions is crucial. This knowledge is what protects you from unexpected, costly repairs down the road.
The Best Strategy: Attend and Learn
I highly recommend that homeowners attend the inspection to continue asking questions and observing the property. Even if you ultimately choose to waive the inspection contingency to win a competitive bid, the information you gain is invaluable.
The knowledge gleaned from that professional report and conversation helps you become a more informed owner; you know the roof’s remaining life, the age of the HVAC, and potential future maintenance needs.
Conclusion: Knowledge Is Power
Don’t confuse waiving the contingency (your right to back out or negotiate based on inspection findings) with waiving the inspection itself. The goal is to maximize your knowledge about one of the largest purchases you will ever make. Get the inspection done and be an informed owner.
