Don’t Skip the Home Inspection Contingency

The housing market has been extremely competitive recently causing buyers to waive home inspections to have their offer accepted. With little housing inventory available and the demand so high, homebuyers are making decisions that they believe will help their chances. Some are offering well above the asking price, while others pass on home inspections prior to signing. 

During the Covid-19 pandemic, the rise in demand for property prompted more than 13% of home buyers to waive inspections to expedite the sale. However, waiving a home inspection can cause many important issues to be missed. A home inspection allows the buyer to understand the condition of the home and its systems and appliances. The inspector looks for any issues with the foundation, plumbing, and roof; and some of those issues could be severe. By passing up the inspection contingency, you hold financial responsibility to take on these repairs yourself after the purchase. 

A home inspection can detect potentially hazardous issues including pipes that hold traces of lead, outdated electrical wiring, mold, and more. It is important to note that insurance does not always help cover the cost for any pre-existing conditions that are discovered after you already own the property. An inspection tends to identify many of these issues so you do not have to pay for them completely on your own. 

When you do not waive the home inspection, there is a window of time after where you can reevaluate your offer based on the findings. Typically, the price of the home is negotiated after an inspection. If you skip it, you forfeit your chances at readjusting the price to reflect the state of the home. Whether the inspection is positive or negative, it gives you peace of mind and a better idea of the home’s condition. By completing the home inspection you know what you are getting into.

Sea to Sierras Realty, Inc. has successfully sold properties up and down the California coast, typically above asking price, with multiple offers, and short escrows. Exclusively a listing broker, we specialize in maximizing value for our sellers, and we have been doing it since long before the current hot housing market. Contact Sea to Sierras Realty, Inc at (858) 249-1499 today, or email us here.