Why Not to Take Risks on Your Inspection Contingency
Buying a house can be risky. In this competitive market, there are some risks that are totally worth it! But there are also risks that can potentially be dangerous and costly. At Alise Roberts and Company, we are all about ensuring that your home buying experience is as well informed and a smooth and safe process. We are so excited to bring you some helpful tips to the risk taking home buyers looking for some great ways to take risks the safe way!
One risk that we think is vital to avoid is when buyers waive their inspection contingency. What exactly is an inspection contingency? Also known as a due diligence contingency, this gives a home buyer the right to have the prospective home inspected within a designated allotted time (i.e. 5-7 days). This is so important because if your professional inspection turns out to reveal some safety concerns, damage, or any other costly issues, you as the buyer have the right to cancel your contract, do some negotiating, and talk about repairs.
For obvious reasons, forgoing the inspection process as a whole is something you will really want to avoid. More often than not, a home that looks beautiful cosmetically can have some major problems.
Of course, finding out if there is a costly issue with the home prior to purchase can save you an immense amount of time and hassle! If you forgo your right to have the home inspection, you could move in only to find a dangerous mold problem, issues with the foundation, bad pipes, the list goes on and on!
But there is hope! If you are wanting to eliminate the inspection contingency while still protecting yourself, you can choose to have a pre-inspection! This is where you hire a professional inspector to perform a full inspection BEFORE you write an offer on the home. What is great about this option is that if you were to find some problems with the house, you can take note of that and base your offer off of the knowledge that there are some issues, or you can make sure to make arrangements to handle them post purchase.
Unfortunately a home pre inspection will set you back anywhere from $200-$500, and since you don’t have an approved offer, you may not win the bid. These are definitely some variables you’ll want to consider. However, home ownership is one of the biggest investments you will make in your life, and taking that step to do a home pre inspection can be it’s own smart investment into assuring that you are investing in something that is worth it!
As always, we are here to help you sort out all of these complicated and important real estate decisions! We love helping buyers understand the full process of purchasing a home. Give us a call or shoot us an email if you’d like to know how we help you understand the ins and outs of home inspections!