Buyers can feel pressure from competition in purchasing a home, but a recent Zillow article suggests it’s important to stay smart. Bidding for a potential home is no joke, and waiving inspections is a bad idea.
Some alternatives to straight-up inspections while remaining competitive include doing a pre-sale inspection before signing a contract.
It can also be the seller’s own inspection, which could be a win-win for both buyer and seller, putting both at ease as the seller can put a proper price tag and the buyer is aware of the home’s current condition.
“Sellers in hot markets can quickly generate several competing offers, but what they really need to be on their way to their next home purchase is a committed buyer who will make it to the closing table without delays or hassles,” Redfin Chief Economist Nela Richardson said in a statement. “To provide this assurance, savvy buyers aren’t just offering the highest price; they are using creative strategies like pre-inspections and non-refundable deposits to demonstrate to sellers their commitment to close the deal.”
Another win-win situation is when the buyer writes a one- or two-day inspection contingency. The seller is at least confident that they won’t lose momentum in selling even if the buyer walks away.
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Waive an inspection before buying a home and chances are, it will only take the heater to not work and out comes thousands of dollars from your pocket.