Is it OK to Waive a Home Inspection ?
Don't Do it Without Knowing What you are Giving Up
When you find yourself in a situation where you are competing with another offer on Tampa Florida real estate or when there are multiple offers for the
same property, there is a tendency on the part of anxious home buyers to think of dropping
the standard contingency requiring a professional home inspection. Waiving your
inspection contingency may help you prevail if there are multiple offers on the home you
want, but it can prove to be a very costly mistake.
Buyers who waive the inspection contingency have no protection at
all against potential defects in the home. A leaking roof, faulty wiring, appliances that
don't work or a defective heating or air conditioning system may not be readily available to you
as a buyer. But these problems, if not discovered before the sale is closed, can cost you
thousands of dollars in unexpected repair bills just when you may be either short of cash or
wishing to spend what cash you have on decorating, not on repairs.
The best way to avoid unpleasant surprises is to insist upon a professional
inspection before you buy. A top-to-bottom examination of the home and everything that is
to come with it is probably one of your best and most important investments. A standard
inspection will include a review of the home’s heating and cooling systems, plumbing and wiring,
all major appliances included in the sale, the pool and supporting equipment if there is a pool,
plus the walls, attic, ceilings, floors, windows and, if there is one, the basement. The
specifics may vary slightly based upon the type of construction in your area, but basically all the
structural, electrical, plumbing, heating and cooling systems plus any included appliances are
normally checked and evaluated to determine if they are in "working order."
Your Realtor® can provide the names of qualified and experienced
professional home inspectors in your area. You can also find a directory of qualified home
inspectors at the website of the American Society of Home Inspectors (ASHI) at
www.ashi.com. Another source
of home inspectors for your area is available at homeinspectors-usa.com.
Your home inspector will review their findings with you and alert you to
any costly or potentially hazardous conditions they find. If costly repairs are necessary, the
seller may be willing to either get them done before closing or reduce the selling price to offset
the costs you would otherwise have to bear yourself. When only minor repairs are needed,
an agreement can often be worked out that will not affect the sale price. The seller often just
gets the repairs done themselves before closing.
Your home inspection also serves another useful purpose -- education.
Most buyers want to learn as much as they can about their new home so they can protect
their investment. An impartial home inspector can provide you with helpful advice on how to
keep the systems in your new home working at their most efficient level.
So, should you waive your right to a professional
home inspection on Tampa Florida real estate as a way to entice the seller to accept your offer ? You can,
but know that you are giving up a very valuable protection that may prove to be a costly
mistake when it’s too late.
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