Home inspection for your new home purchase- Waive at your risk?
“I would never waive it,” says Samantha Eisenberg, a Compass real estate broker who works in the Boston suburbs. “A home purchase is probably the biggest purchase of your entire life and we spend more time picking out a sweater…If I buy clothes online, I try it on and see how it looks. A house we go through in 30 minutes and you’re waiving inspections (over) something that costs over a million dollars.”A full home inspection can unearth everything from structural issues, roof problems, or faulty electricity and plumbing. If the thought of dealing with any of these gives you a major headache, you’re better off following the recommendation of your realtor.
The home inspection contingency, meanwhile, is a bit of legalese that gives a buyer a way out of a deal.
In today’s super-competitive market, buyers are making their offers stand out by agreeing to ignore minor issues. Rather than skipping inspection contingencies entirely, savvy bidders are modifying the language in their offers, says Katie Severance, an agent at Brown Harris Stevens in Upper Montclair, New Jersey.
For instance, you might still conduct an inspection but promise the seller that you’ll overlook any single repair valued at less than $500, or that you’re scouting for only major issues such as mold, radon or a faulty foundation.
“The buyer hopes to send the message to the seller that they’re not going to nickel and dime them,” says Severance, author of “The Brilliant Home Buyer: 101 Tips for Buying a Home in the New Economy.”
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