A home inspection can give you a good idea of what you're committing to before making an offer. Hiring a home inspector also allows you to negotiate repairs with the seller or back away entirely from buying a property with major issues.
If you're planning to buy a home this year, here's what you should know before agreeing to waive an inspection.The more competitive the real estate market, the more tempting it is to skip a home inspection. But an inspection can uncover any hidden problems with the house, which might lead you to lose your offer or end up paying more for repairs or down payment.
Why are buyers willing to waive the home inspection
in Columbia South Carolina?
It's estimated that over 28 million people plan to buy their first home in 2021.Due to strong competition from other buyers, eager homebuyers are often willing to waive their right to a home inspection. According to nerdwallet an estimated 28 million Americans plan on buying a home in the coming year, according to NerdWallet's 2021 Home Buyer Report. But at the end of 2020, the supply of available homes in the U.S. was just 1.04 million units, according to data from the National Association of Realtors — the lowest number since the NAR began collecting data in 1982.
The risks of waiving a home inspection
A home inspection can uncover potentially hazardous items in a home—such as bad wiring, unsafe heating or cooling equipment, or even structural issues—that the average person will most likely to unnoticed with a quick look around.
A home inspection is a few hundred dollars in comparison to what you could lose from making a purchase that requires serious repairs.A home inspection is meant to inform you of possible problems with the home, so that you can avoid making a purchase that requires serious repairs.
Ways to make a strong offer without waiving the home inspection
- Be fully pre approved
- Make a larger down payment
- Add an escalation clause
- Ask for an "informational inspection" rather than an "inspection contingency"
- in your offer.
Whether you are in the market for a home inspection in Columbia, Lexington, or surrounding areas of South Carolina, call the guys at S&J Home Inspection before anyone else. S&J Home Inspection offers same-day termite and home inspection. Get your CL-100 letter and all your inspections on the same day with S&J Home Inspections.