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Risks of Waiving a Home Inspection
June 27, 2016 — 2 min read
In a competitive market where homes have multiple bids, home buyers wanting to sweeten their deal can be tempted to cut certain contingencies in order to make their offer stand out to the seller. However, the risks of waiving a home inspection contingency could be more devastating to the buyer than just losing the home to another bidder.
What is a Home Inspection Contingency?
A Home Inspection Contingency permits a buyer to enlist a home inspector to look over the home for damages before the deal closes. On the chance that real issues are found in the home, the purchaser has the privilege to negotiate with the seller for repairs or retreat from the deal totally. If a buyer opts out of the home inspection, sellers may be drawn to this offer because they can sell the home "as is" and they are not responsible for issues that aren't obvious. But this also means that the buyer is purchasing the home "as is" and has no way of knowing what they are in for until they are the new owners of the home.Common Home Inspections Include:
- Structure
- Exterior
- Interiors
- Roofing
- Plumbing
- Electrical
- Heating and Air Conditioning
- Ventilation and Insulation
- Fireplaces
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