One of the alarming trends in this hyper-competitive seller’s market is the waiving of home inspections.
Buyers are taking on significant liability when they do this.
In some situations, this risk may be manageable, as in the case of new construction, a condominium or a recently inspected property.
But in most situations, waiving the inspections transfers quite a bit of risk onto the buyer’s shoulders.
There are many strategies for still getting offers accepted without waiving all your inspections.
Here are a few ideas:
- Make the inspection window very tight. There’s always an inspector out there who can jump on the inspection the next day!
- Waive your rights to ask for repairs. This is very common today. Make the inspections essentially “pass/fail”.
- Put in writing that the buyer will not ask for any repairs or financial concessions. Another version of the “pass/fail” option.
If the price is aggressive, other terms are attractive to the sellers, and the inspection window is small, there is no reason why buyers have to shoulder all the liability of a waived inspection contingency.
Have a great week!
David Baker, MBA, CRS, GRI, SFR, e-PRO