Something that’s happening in this seller’s market and is perceived as providing a competitive advantage for buyers enduring multiple offer attempts, that I get many questions about, is whether or not to waive the inspection.
Waiving inspections can make your offer more appealing than one contingent on inspections, but that can leave a buyer very exposed to unexpected costs and headaches.
Our role as Realtors is largely to educate and advise.
Depending on circumstances there are ways to address contingencies that can make an offer just as appealing but provide more certainty and protection to the buyer.
Here are some examples of how I’ve navigated getting offers accepted without waiving the inspections:
- You can waive your ability to ask for any repairs or concessions relating to inspections while STILL completing inspections for educational purposes so there are no surprises after closing.
- You can opt to cap the monetary concession to the seller in the event of unforeseen repairs.
- Any health or safety repairs found throughout the inspection process that may affect the finance-ability, appraisal value: i.e. roof, foundation, water and heat source is already stipulated as a condition within the standard sale agreement verbiage.
- If needed repairs are found but no ability to provide concessions or bring cash to closing, raising the purchase price to in essence wrap in those concessions in the form of paid closing costs.
Ultimately, the decision to pull out all the stops and wave and inspection belongs to a buyer, but knowledge of the options to navigate your transaction is what you should expect and receive from your realtor. That’s what you’ll get at Thoroughbred Real Estate Group.