A home inspection checks if a house has problems. An expert looks at the home for 2-4 hours. They check:
- Roof and gutters
- Heating and cooling
- Plumbing and water
- Electric wires
- Foundation and structure
- Windows and doors
A Guide to waiving a Home Inspection
A Critical Decision for Home Buyers
The Big Decision: Pros vs Cons
Benefits of Waiving
- Your offer wins in competitive markets
- Close 1-2 weeks faster
- Save $500-$1,200 inspection fee
- Less stress, fewer complications
- Sellers prefer no-inspection offers
Major Risks
- Hidden problems cost big money
- No legal recourse after purchase
- Lose earnest money if backing out
- Fire hazards from bad wiring
- Water damage from leaky pipes
💰 Potential Repair Costs You Could Face
🤔 When Should You Skip vs Keep Inspection?
Consider Skipping If:
- Market is super competitive
- You did pre-inspection
- You have lots of cash saved
- House is new with warranty
- You know about home repairs
Never Skip If:
- First time home buyer
- Limited money saved
- House is over 20 years old
- You see any problems
- Already spending all your money
🔧 Smart Alternatives to Consider
Pre-Inspection
Hire inspector before making offer
Shorter Timeline
Ask for 3-5 days instead of 10
Big Issues Only
Only request repairs over $2,000
Information Only
Inspect but don’t ask for repairs
Credit Back
Ask for money off instead of repairs
What is a home inspection contingency
A home inspection contingency is a provision in a real estate agreement that permits the buyer to back out of the deal if major problems arise during the inspection.
The clause usually includes deadlines for inspecting and requesting repairs or altering the contract’s conditions.
The waiving of a home inspection contingency implies that the buyer is buying the property without having a professional inspector come and check the right condition of the home.
Waiving this contingency can be risky since it exposes buyers to any potential repairs.
We will provide an in-depth analysis of both sides of waiving inspection contingencies.
Why People Skip Inspections
Too many buyers: In hot markets, many people want the same house. Sellers pick offers with no inspection.
Faster closing: No inspection saves 1-2 weeks. Some buyers need to move fast.
Better chance: 40% of buyers now skip inspections. It makes your offer look better.
By region: West Coast buyers skip most (44%). Midwest buyers skip least (35%).
Big Risks of No Inspection
Hidden Problems Cost Big Money
Houses can look good but have big problems:
- Bad wiring: Fire risk, code violations
- Leaky pipes: Water damage, mold growth
- Roof damage: Leaks, structural issues
- Foundation cracks: House settling, major repairs
- Broken AC: Hot summers, no cooling
Repair Costs Are Huge
Real costs you might face:
- New roof: $15,000-$30,000
- Foundation fix: $10,000-$40,000
- New AC system: $5,000-$15,000
- Rewire house: $8,000-$20,000
- Fix all plumbing: $5,000-$15,000
You Lose Your Deposit
If you try to back out after waiving inspection, you lose your earnest money. On a $300,000 house, that is $3,000.
Good Things About Skipping
Your Offer Wins
Sellers love offers with no inspection. Your bid beats others. You get the house.
Close Faster
Save 1-2 weeks on closing. Good if you need to move quick.
Save Inspection Fee
Skip the $500-$1,000 inspection cost. Use money elsewhere.
Less Stress
Fewer steps mean fewer things can go wrong. Deal stays simple.
How Much Does an Inspection Cost?
Basic home inspection costs:
- Small house: $500-$600
- Big house: $800-$1,200
- Extra checks:
- Termites: $125
- Radon: $200
- Mold: $300
- Pool: $300
How to Decide
When Skipping Might Work
Only skip inspection if:
- Market is super hot
- You did pre-inspection
- You have lots of cash saved
- House is new with warranty
- You know about home repairs
Never Skip If
Always keep inspection if:
- First time buying
- Limited money saved
- House is over 20 years old
- You see any problems
- Already spending all your money
Better Options Than Skipping
Get Inspection First
Hire inspector before you make offer. You learn about problems early. If offer gets rejected, you only lose inspection fee.
Shorter Time Period
Ask for 3-5 days instead of 10 days for inspection. Seller gets faster close. You get protection.
Fix Big Things Only
Only ask seller to fix problems over $2,000. Small stuff you handle yourself.
Just for Information
Do inspection but do not ask for repairs. You learn about house but keep offer strong.
Ask for Money Back
Instead of asking for repairs, ask for money off price. You fix things your way.
It offers reassurance that they are making an informed decision and purchasing a property in good condition.
If you discover a major issue with the property after the purchase and had waived the inspection, you may have limited legal recourse against the seller.
Final Take-aways
Waiving an inspection contingency may speed up the process and make your offer more attractive to sellers.
But yes, you might discover a ton of repairs to make that could cost you thousands of dollars.
Waiving inspection contingencies can be a wise or risky move; but it may be necessary to get the home of your dreams.