With home sales running a solid 12% ahead of last spring, some house hunters are waiving the inspection contingency. So worried about landing a desirable property, The Boston Globe reports, these buyers are choosing to remove every possible barrier to their offers being accepted by sellers.
Temping though it may be, waiving the inspection contingency is ill-advised. Here's why.
Many homes on the market today are yesterday's foreclosures. Though some of these have been updated and are in compliance with building codes, others may have received little beyond a coat of paint or some cheap granite counters. Still others may have been rented in the interim, suffering inevitable wear and tear. So without an inspection, there's no way to separate the good from the gross.
Even if it was not a foreclosure, it's important to review a home's history, in part because during the downtown, nationwide spending dropped on home improvement and repair. Did previous owners skimp on maintenance? A thorough inspection is the only way to know for certain.
Last but not least, let's face it: There are some unscrupulous sellers out there. These “businessmen” slap attractive prices on substandard houses, hoping to palm off lemons on naive buyers. Don't allow yourself to be taken advantage of: If you submit an offer, insist on there being an inspection contingency.