In our competitive Northern Colorado market in 2021, the seller’s definitely have the upper hand in a lot of ways. Because of this, we’ve been seeing a lot of buyers forgoing their right to ask for sellers to address inspection items. This may make you uneasy as a buyer, so let’s talk about what it means to waive a home inspection.
First- let me clarify- NEVER let anyone talk you out of getting a professional home inspection on a home you plan to buy. Whether you plan to live in the home or not, you will definitely want a professional home inspector to give you the run down of the home’s condition. It is your right as a buyer, spelled out in the contract, to get the home inspected. The only thing you should agree to is to waive your right to ask the seller to repair items on the inspection.
Second – ask your agent to get an idea of the other buyer competition on the property your going to offer on. If you can get an idea of what you’re up against, you can be more informed to decide whether or not to waive your inspection contingency.
Third – If you decide to waive your inspection contingency, make sure you reserve your right to walk away. When you are putting your offer together with your agent, and you decide to waive your inspection contingency, make sure to ask your agent to include language that reserves your right to terminate the contract if the inspection is unsatisfactory. This assures that you won’t get stuck with a huge project if the inspection report calls for repairs that are out of your league.
So, should I waive my home inspection? The final verdict? An inspection waiver clause is sometimes necessary when making an offer on a home. Especially when the competition for buyers is fierce! If you choose to waive the inspection contingency, make sure you still get a professional inspection. Also, make sure you reserve the right to walk away if the inspection items are too concerning.
Have a question? Drop it in the comments below! And don’t forget to check out the Perch Real Estate Buyer’s Road Map for more tips on buying a house! Or, head over to my YouTube channel to get more info about real estate in Colorado. I look forward to hearing from you!