This is a very tough market these days to find a home that meets your needs much less purchase it. I’m hearing about bidding wars, paying over asking and even excluding a home inspection. I know it gets frustrating loosing out on so many homes, frustration must set in, and the fact that you NEED a home.
I do get it. But, the fact that you are investing a large amount of money into something you will have for years to come should concern you. Sellers currently have the upper hand and can obviously pick the “best” offer. I have even heard of selling agents discouraging home inspections on buyers offers. This is a dangerous and slippery slope. On that note I’ve also heard that some Realtors are being sued. With that said, not having a home inspection on your new purchase is highly ill advised. I recommend you read a previous blog: “What is a home inspection?”
On the surface the home may look wonderful, but to an untrained eye there could be thousands of dollars worth of issues.
I’ll give you an example:
A couple purchased a 35 year old home (actually one side of a “twindo”-a 2 unit condo) and in order to purchase the property, they waived the home inspection. After the purchase they contacted MK to have us look at the property for “piece of mind”. (which I highly recommend if you are in the category of waiving your home inspection in the first place).
Some of my findings:
- The roof was completely worn, missing shingles and leaking in various spots.
- An upper window was leaking around the frame into an attic space.
- Most of the windows where moldy and half the wood frames where rotted.
- There were faulty outlets and unsafe wiring in the electrical panel.
- Where the deck met the home, flashing was missing, causing water to leak into the box sill area (area on top of your foundation wall where the floor joist sit)
- Leakage where the outside wall sat on top of the foundation wall due to grading and improper flashing.
- Sump pump did not work.
- Leaking toilets.
- Rodent feces in attic space, kitchen and even in the dishwasher.
- Loose siding and the fireplace did not function.
There was much more that was less concerning, but you get the picture. Just a few of these items could be upwards of thousands of dollars on a home that you had to already pay over asking. No one can tell you what to do, and some circumstances dictate your choices. But, waiving a home inspection is something I would highly NOT recommend.
I hear some Realtors are putting in a clause that the buyer will be responsible for up to a certain amount that the inspector deems defective. At least this way you can still have the inspection, know the issues at hand and worst case, if something “major” is revealed, you have a way out.
Yes we may be bias about having a home inspected, but I assure you, it is in your best interest.