2021 has started with many challenges and things are slowly getting better, however a new hazardous trend has begun sweeping the real estate industry. WAIVING YOUR HOME INSPECTION! In this extreme seller’s market, it can be difficult to schedule a showing of a house let alone write an offer and get it accepted. We fully understand that buyers want to make their offers as enticing as possible to gain every advantage over other buyers and get their dream home. But, do our buyers really understand the hazards of waiving the home inspection? Are the buyers well educated about what a home inspector does, how and why? The home inspector works for their client, typically this is the home buyer, as an independent inspector that is working with the client’s best interests in mind!
Home inspections focus on all accessible systems of the house to identify safety hazards, deficiencies and recommended upgrades. At Tier1 Home Inspections we pride ourselves in our core principles of honesty, integrity and value while providing the best service and most thorough inspection we can. All things we would expect ourselves. We inspect every home for our clients as if we were the buyers.
So now you have bought and moved into your dream home, congrats! But, you waived your inspection contingency for a pre-purchase inspection. Why does this concern your realtor and what should you think about going forward? The pre-purchase inspection is the opportunity that you, the buyer, can learn about any concerns, hazards or deficiencies with the house prior to signing on the dotted line. Once you own it, you may very well own the problems that come with it.
Lets say you go to sell in 3-5 years, the market may well no longer be a seller’s market and pre-purchase inspections come back into play with all incoming offers. Now, you accept an offer to sell your home with an inspection contingency and the inspector outlines several findings. These could add up to some serious cash, but you say to yourself “all these things have been like this since we purchased”. In this case, the new buyer may not be accepting of the “it’s always been like this” response. They may well ask you as the seller to foot the costs of repair, reduce the selling price or give a credit at closing. Now a few years later, you are left holding the bag to either pay the costs of repairs or risk losing the sale.
While it is our business to perform inspections, for us at Tier1, it is less about the revenue and more about taking care of people. As our inspectors have served in long term public safety roles, caring for others and helping people is engrained in our personalities and makes us who we are.
We implore you to make sure you fully understand the implications of waiving your inspection contingency and what it could mean in the future. Is making one of the largest purchases of your life really worth the potential financial hardships that could come with buying a house without an inspection?
We are more than happy to answer any questions you may have. Please feel free to reach out to us!