Do I Really Need An Inspection?

[pianoman9701]

My advice is to always get an inspection for a purchase. Especially on an REO from a bank where the purchase agreement is "As Is". And make sure you carefully read the addendums. I belong to a networking group and a realtor posted today that her buyers are experiencing a flooding problem, even after being told that the plumbing had all been redone with copper. She hadn't received an inspection on the home and she didn't fully read the addendums .

Sometimes, the buyer is worried that they'll lose the deal if the seller has to wait for the inspection. Home inspection can be part of the contingency when signing, so the deal can be made and the inspection done after signing. Always get an inspection.

[Dan-o]

Young couple bought the house across the street 3 months ago.
They waived the inspection, because they'd lost a couple houses and got antsy.

They are getting new siding done on the whole house now....  which a competent inspector would have shown them.

Bummer for them.
First house and a huge unexpected expense right off the bat.

[RugerRay]

When I sold my home in Spokane last spring, I received 28 offers in the first two days. I would say almost half of the offers were waiving the inspection, and it was a home built in 1929. Unreal.

[NRA4LIFE]

I would never sign any offer to sell that had an inspection contingency in this market.  Most buyers would waive the inspection right now anyway.  On the other hand, I would never buy without an inspection.

[CP]

When I sold my cabin a few months ago I didn’t even consider offers that didn’t wave the inspection.  Inspections can turn into a long, drawn-out nightmare for sellers that ends in a flipped sale.  Some of the offers included inspections contingencies that allowed the buyer to remove toilets, sinks, tubs, etc. to scope the pipes and had provisions to bring in a never-ending stream of “experts” to inspect this and that.

No thanks, not in this market.

[pianoman9701]

When I sold my cabin a few months ago I didn’t even consider offers that didn’t wave the inspection.  Inspections can turn into a long, drawn-out nightmare for sellers that ends in a flipped sale.  Some of the offers included inspections contingencies that allowed the buyer to remove toilets, sinks, tubs, etc. to scope the pipes and had provisions to bring in a never-ending stream of “experts” to inspect this and that.

No thanks, not in this market.

I don't know about your cabin, but normally an inspection can be done in 7-10 days, in plenty of time for the loan to close. Anyone buying a house without getting inspected is setting themselves up. Any seller who won't agree to have his house inspected should be viewed with caution.

[jrebel]

I think everything is relative and depends on the property and actual intended use of the property.  Price also plays a large part in whether to waive the inspection or not.  I'm not sure it is as cut and dry as "always"....especially in the market we are currently in. 



How do you feel about buyers insurance / warranty (Not sure what they call it) and is it necessary to have an inspection for that insurance to be purchases / held?? 

[downtownbrown0610]

This market is extremely competitive right now. Not in all areas but where we live your offer is not going to get accepted in most cases if you say you want an inspection. We just sold our house for 75,000 over asking with cash to back and waived inspection. We had a total of 15 offers in 3 days. 90% of those offers waived inspection. Our house was built in 1972. We are moving and buying in TN. The market is hot but not like it is here. I will not purchase our next house without an inspection. So many things can go wrong and its really not smart to buy without an inspection. As mentioned before every situation is different.

[Ghost Hunter]

Helping as support on a real estate deal currently.  Lender didn't require inspection.    Buyer hired a licensed inspector.     On inspection day the realtor, certified inspection team of 3, buyer and 2 highly qualified friends were onsite to give it the critical eye.  Identified a lot of small items, and a couple bigger issues that likely shouldn't have made it to occupancy stage.  Good ole boys turning a blind eye   Inspection may pay for itself in negotiations.   

When I list, as is will be in the contract.   

[wadu1]

We had a real-estate person come and appraise my dad's house. He said not to worry about an inspection of the house, it looked good. He was concerned about all the trees and plants in the yard, he said to remove 50% of them. The yard was professionally landscaped by an arborist and kept up well. I had the house inspected. That guy found about 30K worth of repairs that needed to be done, some small and some large. Examples, half of the outlets wired backwards, dry rot in one bath, bricks falling off chimney and aluminum wire in the main power panel. So bottom line get an inspection, at least you know what you're dealing with. If selling it may come back and bite you in the tush. 

[Bob33]

To flip it around,  in today's market why would a seller choose to sell to a buyer demanding an inspection when he has multiple offers from buyers not demanding one? The buyer looking for a seller willing to make the sale dependent on an inspection may ultimately find one but how much did prices increase while he was looking? Where I live many properties are going up $25K a month or more. Tough and possibly money foolish to make demands in this market in my opinion.

[Ghost Hunter]

There are some here and there getting overlooked.

[pianoman9701]

To flip it around,  in today's market why would a seller choose to sell to a buyer demanding an inspection when he has multiple offers from buyers not demanding one? The buyer looking for a seller willing to make the sale dependent on an inspection may ultimately find one but how much did prices increase while he was looking? Where I live many properties are going up $25K a month or more. Tough and possibly money foolish to make demands in this market in my opinion.

Would you buy a used car without having it looked over by a mechanic? I, maybe more than many on this thread, understand the present market conditions. If  seller demands the waiver of an inspection to sign the contract, you should be asking yourself "why?".

[Igor]

To flip it around,  in today's market why would a seller choose to sell to a buyer demanding an inspection when he has multiple offers from buyers not demanding one? The buyer looking for a seller willing to make the sale dependent on an inspection may ultimately find one but how much did prices increase while he was looking? Where I live many properties are going up $25K a month or more. Tough and possibly money foolish to make demands in this market in my opinion.

Would you buy a used car without having it looked over by a mechanic? I, maybe more than many on this thread, understand the present market conditions. If  seller demands the waiver of an inspection to sign the contract, you should be asking yourself "why?".

In your opinion, where do you see mortgage rates and house prices going in the next 6-12 months? 

[pianoman9701]

To flip it around,  in today's market why would a seller choose to sell to a buyer demanding an inspection when he has multiple offers from buyers not demanding one? The buyer looking for a seller willing to make the sale dependent on an inspection may ultimately find one but how much did prices increase while he was looking? Where I live many properties are going up $25K a month or more. Tough and possibly money foolish to make demands in this market in my opinion.

Would you buy a used car without having it looked over by a mechanic? I, maybe more than many on this thread, understand the present market conditions. If  seller demands the waiver of an inspection to sign the contract, you should be asking yourself "why?".

In your opinion, where do you see mortgage rates and house prices going in the next 6-12 months?

Only an opinion. I'm not a financial advisor. Both are going up. Property values won't be going up as fast as they have been as fewer look for new homes and the inventory increases. But unlike 2008, the inventory/supply is still far below the demand. The Fed has announced three rises in interest rates, the first coming next month. Although mortgage rates are more closely tied to the ten year bond, the bond rate normally follows the Fed lending rate.