Buyers have long demanded the closing on a home purchase to be contingent upon a satisfactory home inspection in order to avoid buying a subpar home. Do you think this is a good idea?
Why You Should Inspect
The seller would choose the non-inspection offer with all other things being equal if he got two offers and one requires a home inspection to be done. If a home inspection is required, then you will be put into a competitive disadvantage. Still, are you willing to risk purchasing a home that has some fundamental, expensive problems? If you learned that the plumbing under the floors of the home you just purchased must be replaced, what would you do then? The repairs may even cost you $10,000.
One option may be to include a provision in your purchase offer that provides for a home inspection done for informational purposes only. Doing this would mean that the settlement under your offer will not be conditioned upon the inspection. Besides not providing you with the option of amending the contract to have the seller make repairs, you won't be provided the opportunity to void the contract if serious problems are uncovered as well. Should serious problems be discovered, however, the seller is bound to know the deal will be in jeopardy. For that reason, as a contract with no requirement for a home inspection, even an informational home inspection won't look as good to her.
A sub rosa inspection is another option you might consider in lieu of a home inspection. What you could do is ask a friend who works in the construction or engineering field to walk through the house with you. The goal, of course, is to look for any glaring red flags that are deal killers.
If your friend doesn't see anything disturbing, you can then write a clean contract offer without contingencies. Sellers love no contingency sales. Your chances of getting the home you want are good and you'll also be assured there isn't anything seriously wrong with the property.
When it comes to deciding on home inspections, there is no right answer. Each buyer has to ask himself how much risk he is willing to take. If you are the only party making an offer, demand an inspection. You have to determine your comfort level if you are one of the many potential buyers. Information can be provided by others but the decision is up to you.
Why You Should Inspect
The seller would choose the non-inspection offer with all other things being equal if he got two offers and one requires a home inspection to be done. If a home inspection is required, then you will be put into a competitive disadvantage. Still, are you willing to risk purchasing a home that has some fundamental, expensive problems? If you learned that the plumbing under the floors of the home you just purchased must be replaced, what would you do then? The repairs may even cost you $10,000.
One option may be to include a provision in your purchase offer that provides for a home inspection done for informational purposes only. Doing this would mean that the settlement under your offer will not be conditioned upon the inspection. Besides not providing you with the option of amending the contract to have the seller make repairs, you won't be provided the opportunity to void the contract if serious problems are uncovered as well. Should serious problems be discovered, however, the seller is bound to know the deal will be in jeopardy. For that reason, as a contract with no requirement for a home inspection, even an informational home inspection won't look as good to her.
A sub rosa inspection is another option you might consider in lieu of a home inspection. What you could do is ask a friend who works in the construction or engineering field to walk through the house with you. The goal, of course, is to look for any glaring red flags that are deal killers.
If your friend doesn't see anything disturbing, you can then write a clean contract offer without contingencies. Sellers love no contingency sales. Your chances of getting the home you want are good and you'll also be assured there isn't anything seriously wrong with the property.
When it comes to deciding on home inspections, there is no right answer. Each buyer has to ask himself how much risk he is willing to take. If you are the only party making an offer, demand an inspection. You have to determine your comfort level if you are one of the many potential buyers. Information can be provided by others but the decision is up to you.
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