Waiving the Home Inspection? There May Be Consequences
Last month we discussed the various types of home inspections available for a real home buyer, owner, or seller. Due to the competitiveness buyers are facing coupled with low inventory, the agents and buyers are resorting to all sorts of desperate tactics to entice the seller and complete the sale. One trend we have noticed recently is the buyer waiving the home inspection before the actual purchase. Recently we’ve started to see a backlash against this trend as people move into their homes and are faced with a barrage of unforeseen problems.
The calls we receive are almost exactly the same. An exasperated voice stating that they bought their home and didn’t get it inspected and now there’s a problem. We’ve seen water pouring into the chimney, sewage backing up into the bathtub, a crawlspace filled with sewage, HVAC dying after a week, mold and asbestos in the attic, and the list goes on. These new homeowners have purchased a home without hiring us and paying on average .1% of the home’s value to have it inspected. Instead, they now find themselves living in a house of horrors often forced to spend thousands of dollars in repairs to make the home safe and livable. Most of these problems would have been found with a standard home inspection. Ultimately and unfortunately the only people who benefit from this scenario are the sellers and the agents. Getting a home inspection is traditional as having a real estate agent help you purchase a home.
On June 9th I joined a panel along with two attorneys at the HRRA Hampton Roads Realtors Association forum discussing the perils and repercussions of waiving a home inspection. The lawyers are included because some of these frustrated homeowners have resorted to taking legal action for being tricked into buying a lemon. My reason for agreeing to be a part of this panel is that I am interested in hearing any compelling argument for skipping the home inspection besides making the sale easier and am curious why any agent worth their salt would suggest and condone this.
Summit Inspections can offer a thorough home inspection so you don’t find yourself in this predicament. We serve Norfolk, Virginia Beach, and all of Hampton Roads and the surrounding areas. Give us a call today.