In a seller’s market, there are a lot of agents (and the media) who suggests that buyers should waive inspections in order for a buyer to “win” a bidding war.
Clean offers, with few or no contingencies, typically are the most competitive offers. Will “waiving” inspections help buyers get a house in a challenging market?
In NC, the answer is no.
WAIVING INSPECTIONS DOESN’T GIVE A BUYER ANY LEVERAGE, & HERE’S WHY:
Repairs and/or monetary concessions can be and are oftentimes negotiated as part of the transaction. However remember, that even if repairs are deemed necessary per the inspections, contractually homes can be sold as-is with no repairs or concessions required. This holds true for cash transactions and buyers who finance with a conventional loan. If a buyer is trying to finance their home with an FHA or VA loan, some inspections and repairs might be required in order for the buyer to obtain financing through the FHA or VA. The buyer cannot waive inspections or repairs on these types of loans. Details can be found in the FHA or VA financing addendum.
If an inspector’s findings won’t require any concessions from the seller, why would a buyer ever waive their right to evaluate the condition of the home? Waiving inspections in some states means you are giving up your opportunity for the seller to make required repairs. NC does not have a repair requirement, so “waiving inspections” doesn’t give a buyer any leverage.
Have inspections. Know the condition of the home before you purchase.
TURN OFF THE NATIONAL NEWS, AND CALL YOUR LOCAL AGENT TODAY.
Berkshire Hathaway HomeServices Carolinas Realty
Tori Boysen
Broker
336-345-3499
tori.boysen@bhhscarolinas.com
www.toriboysen.com
