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Should you waive inspections when buying a home?

 

These days many buyers are considering waiving inspections to win the bid for a home!  As a real estate professional... how would I advise my clients when it comes to home inspections? The inspection clause is a very important component of a real estate purchase contract in the U.S.  Even though regulations may vary from state to state, sellers would generally prefer offers with fewer contingencies.  

Then should you waive the inspection contingency in its entirety to remain competitive?  The answer is: it depends… Knowing that waiving inspections can entail a significant risk to the buyer, you could still remain competitive without waiving the inspection contingency.  How?? 

Here’s a thought: You could “increase the threshold of the major defect.”  Instead of the standard $1500 major defect threshold as is the generally perceived case here in the Capital Region NY, you could increase the threshold to $2500 or $5000, etc... to give a little more assurance to the seller that you are not going to as easily walk out of the contract after an “unsatisfactory inspection”.  

The reality is that real estate transactions are very complicated… and you never know what a winning bid may look like..., as the old adage saying: There is no telling preference!   

It would then be worth it to find a reputable and knowledgeable realtor to draw up a competitive contract and then to negotiate the best terms for you?  To watch my YouTube video on this topic, please click here: https://youtube.com/shorts/2h5PACjwRAs. You may have to copy and paste if the link does not work.  Sorry... I apologize for the inconvenience and ... thank you for understanding and reading my blog pos to the end!! :)

 Wish you good luck in your real estate journey, 

Young Jin Chun

Licensed Real Estate Salesperson

Sinkoff Realty Group

Email: YoungJin@SinkoffRealtyGroup.com

Website: www.SinkoffRealtyGroup.com

Cell: (518)728-6591










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