To Waive or Not to Waive? The Home Inspection Dilemma

In today’s competitive real estate market, buyers are often looking for an edge. One strategy that sometimes comes up is waiving the home inspection. While this can make an offer more attractive to a seller, it’s a decision that comes with significant risks. Having the knowledge and experience of a Kingsway agent on your side will help you navigate these tricky situations. So, when should you consider waiving a home inspection, and more importantly, when should you absolutely not?

When NOT to Waive a Home Inspection:

For most buyers, especially first-timers or those buying an older home, waiving the inspection is a gamble that rarely pays off. A home inspection provides invaluable insight into the property’s condition, uncovering potential issues that aren’t visible during a walk-through. Think about hidden problems like a failing HVAC system, faulty wiring, a leaky roof, or structural concerns. These can lead to tens of thousands of dollars in unexpected repairs after closing. Without an inspection, you’re buying a property “as-is” with no recourse for discovering major defects. This is particularly crucial if you’re stretching your budget; an unforeseen major repair could put you in a serious financial bind.

When You Might Consider Waiving (with extreme caution):

There are very limited scenarios where waiving an inspection might be considered, and even then, it’s not without risk.

• New Construction with Builder Warranty: If you’re buying a brand-new home from a reputable builder with a comprehensive warranty, some buyers might consider waiving a pre-purchase inspection. However, it’s still highly recommended to get a third-party inspection before your builder warranty expires to catch any issues they are responsible for.
• Highly Experienced Investor with Deep Pockets: An experienced real estate investor who plans extensive renovations and has a significant cash reserve for unexpected repairs might waive an inspection on a property they intend to gut and rebuild anyway. This is not for the faint of heart or those seeking a move-in ready home.
• Buying Land Only: If the purchase is solely for the land and any existing structures are slated for immediate demolition, the condition of those structures might be less of a concern.

Home Inspections: The Bottom Line

At Kingsway Realty, we understand how it feels to find the perfect home and learn that your offer is one of several. Waiving a home inspection is a high-stakes move. While it can make your offer stand out, the financial and emotional burden of unexpected major repairs can outweigh the potential benefit for many homebuyers. Trust your Kingsway agent to help you consider the potential ramifications carefully before waiving a home inspection. Your peace of mind (and your wallet) will thank you for it.

Settle for More

Whether you are buying or selling a home, commercial property, or land, Kingsway real estate professionals bring more to the table. As Lancaster County’s oldest real estate agency, we have more experience earned through repeat clients. We are a leader in Lancaster County in both homes sold and value of transactions. Kingsway Realty ranks among the top 10 agencies in the country, based on homes sold per agent. And we’re more local! Born from county roots, we continue to be owned, governed, and managed by our agents, who are your friends and neighbors.

Settle for more. Connect with a Kingsway agent today!