In real estate, homebuyers will commonly submit purchase offers that are contingent on a positive home inspection. Although they aren’t required when applying for a mortgage loan, they are recommended as they can provide information regarding and home’s condition. While a home may appear suitable on the outside, they might need some costly repairs on the interior.
Home Inspections are Non-invasive
Unlike mold inspectors, home inspectors don’t damage or open the walls of the home being inspected. However, they will inspect the electrical, HVAC (heating, ventilation, and air conditioning), and plumbing systems along with the attic, foundation, roof, and other structures in order to identify those areas where there could be concerns. Home inspections also include checking the appliances in the home such as the refrigerator, stove, washer/dryer, and water heater to ensure they’re working properly.
Waiving Your right to a Home Inspection
Although home inspections are recommended when purchasing a home, the buyer has the right to waive having it done. This usually occurs in a seller’s market when the buyer is competing with multiple bidders and wants to make a more attractive offer to the seller. In order to get on the seller’s “good side”, a buyer will often waive a home inspection when they are offering less than the selling price. Furthermore, when buying a newer home, the buyer may waive the inspection, because they feel the young age of the home doesn’t warrant having it done.
2 Reasons not to waive a Home Inspection
No matter if you’re bidding against other prospective buyers in a seller’s market or purchasing a new home, having a home inspection done is to your advantage. You will come to know whether there are major issues with the house you are planning to buy or is it worth the cost. Here are 2 key reasons why you should never waive a home inspection:
You’ll avoid unpleasant surprises – this is especially true if you don’t know the true condition of the property you want to purchase. Home inspections are crucial when it comes to eliminating or minimizing unwanted repairs after moving into the home. Just remember, you don’t have to fix everything listed on a home inspection report.
You’ll have an out if you change your mind – if you feel you’re going to be buying a potential “money pit”, a negative home inspection report gives you an “out” if you decide to walk away from the deal. This is especially beneficial if you’ve given the seller an “earnest money” deposit and don’t want to lose it by walking away.
For additional information regarding home inspections contact Florida Inspections Unlimited at 954-861-0666 today. We are here to help you and can schedule an appointment as per your convenience.