Buyers Waive Inspections to Avoid Delays
Buyers Waive Inspections to Avoid Delays
The hot housing market is prompting an increase in waived home inspections. But while in the past it has been an option for buyer concessions, it’s now not always being done to make an offer more enticing in a bidding war.
Home inspectors in some areas of the country are in such high demand that they are reportedly booked weeks in advance. Buyers may have a contract in place that gives them only seven days to get an inspection completed. The tight deadlines are prompting some buyers to waive the inspection—a potentially costly mistake, real estate professionals warn.
The issue of overbooked inspectors is a growing problem, realtor.com® notes in a recent article. From March through May, many states were not allowing home inspections to occur due to stay-at-home restrictions from the COVID-19 outbreak. While home inspections have mostly resumed since then, pent-up demand and hot housing markets have resulted in a backlog that’s slowing down real estate deals in some parts of the country, realtor.com® reports.
Some home buyers in very active housing markets are also being tempted to waive the inspection in multiple offer situations to try to make their offer more appealing to a seller. In June, nearly 20% of successful offers submitted by Redfin real estate agents in large U.S. markets waived the inspection contingency, according to a report from the brokerage.
But a home inspection “is a few hundred dollars for your peace of mind,” Jean Rosalia, a residential and commercial real estate professional based in Virginia Beach, Va., told realtor.com®. “As opposed to maybe tens of thousands of dollars down the road for something that you could not detect on your own.”
Source:
©National Association of REALTORS®
Reprinted with permission
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