During the pandemic, a lot of buyers were waiving. home inspections in order to stand out from other offers. While doing so does make your offer stronger and more appealing to the seller, it’s not in your best interest as the buyer who will soon be living in the house to waive the home inspection. As a real estate agent, this is NEVER something I recommend to my clients.

Home inspections are extremely important because they show you what type of condition the home is actually in! As a buyer, you will want/need to know if there are any current issues AND if there are any potential issues that may come up in the future after you purchase the house.

Inspections take place during the “option period” which is typically the first 7-10 days after both parties have signed the contract. This is when you have the unrestricted right to terminate for any reason and get your Earnest Money (1% of the sales price) back minus the cost of inspections. Buyers have inspections done during this time. Once they receive the inspection report back, they are able to negotiate repairs with the seller. Depending on the seriousness of the issue, a seller may be willing to offer seller concessions or lower the sales price in order to help accommodate any repair costs. Everything is negotiable!

An inspection report is typically divided up into three categories:

1. minor issues

2. major issues

3. safety concerns

Will you have to pay for a new roof? Are there major foundation problems? Is the roof insurable (this will effect your loan)? Are there any broken windows? Does the plumbing work? Are there any exposed electrical wires? What about the HVAC? Are there GFCI outlets? Are they were they need to be?

These are just a few of the MANY questions you’ll want answered BEFORE purchasing the home! Unless the house was poorly maintained, minor issues aren’t typically a turnoff for buyers. However, if there are a lot of major issues or safety concerns (or worse…BOTH!) then it may be wise to terminate the contract and continue your search.

Not paying to have an inspection done can be detrimental…and it can cost you a LOT of money out of your pocket later on! Yes, buying a home is expensive, but waiving a home inspection and risking potential (and very costly!) issues down the road is not worth saving $500!

This is yet another reason it’s important to work with a knowledgeable real estate agent who knows what to be on the lookout for when it comes to an inspection report! If an agent is encouraging you to waive your inspection, it may be time to find another agent. Our job is to present the facts and then help our clients make the best decision for them and their family…even if that means terminating a contract due to a bad inspection report! It’s better to terminate a contract NOW than be out THOUSAND of dollars later because you didn’t do your due diligence.

As a side note, there are a few home inspectors I work closely with and highly recommend. I’ve learned most buyers don’t know a home inspector personally, so they look to me for my recommendations. Part of my job as a realtor is to make my client’s life as easy and stress-free as possible by referring them to topnotch home inspectors and then scheduling the inspections on behalf of my clients. I then coordinate times and availability with my buyers (they’re allowed to meet the inspector the last 30 minutes of the inspection to do a walkthrough) and the listing agent (if the home is occupied) so we can get the home inspection done ASAP! Why? Because the sooner you get your home inspection done after going under contract, the more time you have to negotiate and come to an agreement before option period ends.

In summary, that’s why you should get a home inspection done!

Kristin Koonce Burroughs, REALTOR®
(903)241-2608
kristinkoonce@gmail.com
BOLD Real Estate Group