Looking to buy a house and I've been informed that nobody in that region trust inspectors. That it is almost a guarantee that if I have the condition of an inspection, my offer is going to be thrown out. I am not thrilled about buying a house without an inspection but if wanting in an inspection throws out all my chances of buying a house is it still worth it?
On top of that it is at the high end of my budget and I will not have any "oh shit, the roof just caved in" money for any major repairs.
How important are inspections?
byu/2211Nighthawk inRealEstate
Posted by 2211Nighthawk
6 Comments
Who is informing you of this?
It’s true that in hot markets where there are multiple competing offers the ones with no inspection contingency will win. And there are definitely useless inspectors. But if you can’t afford major repairs then you should definitely not buy a house without an inspection contingency. And if you’re at the top of your budget you want to make sure you get a good inspector.
If your realtor is telling you that, and you trust them, you must be in a strong sellers’ market.
> On top of that it is at the high end of my budget and I will not have any “oh shit, the roof just caved in” money for any major repairs.
Don’t waive inspection. Offer (on other houses) at the low end of your budget so you have enough money.
Are houses selling within a few days?
The standard real estate purchasing process in North America is geared towards getting an inspection. It’s a tremendous waste of time and inefficient, but that’s neither here nor there there.
If you’re not confident in your abilities to inspect the house yourself, and the vendor can stand to wait a couple of days before selling to someone else, then go get an inspection and make an offer based on what you determine to be the best price given the condition.
I sell all my houses ‘as is’ not because there is anything wrong with them, but because it cuts out time wasters (though I am in a very active market).
I just sold a house in a hot market and none of the top five offers came with an inspection contingency. Not a “just for information” inspection or any other kind of inspection. That’s how it is in my market. I also bought my house with no contingencies.
If you want an inspection you better come with offer that blows everything else out of the water. Sellers don’t want to be nickled and dimed with an inspection report.
You can still get an inspection without requiring anything if what you are told is the truth; this way you know what you’re walking into / looking at.
Are inspections in your area required before or after the offer?
If a seller has options, they will exercise them.
Even in today’s market, houses in my neighborhood sell within 2-5 days of being on the market, guaranteed to go over asking, and will have minimum 10 offers.
When I bought my house, 5 out of 9 offers waived inspection. In our case it’s the neighborhood we were after.
Inspections are super important. Don’t waive them if they are a no go to you. But in a very desirable neighborhood or house, you have to offer a lot more money to make your bid desirable.