My clients and I have recently been caught up in the battles of buying a house in a heated market. While the market has cooled off a little in the summer from these wars, one thing that I know for sure is that even in a no condition selling market, it’s not a good idea to waive an inspection clause. I’m not trying to promote home inspectors or get business for them, but its the truth.
Many people believe that a home inspector is a waste of $400, but I believe it is a great investment. It is true that a home inspector cannot see through walls, and he will have you sign waivers understanding that he cannot predict everything that might go wrong, but a few key areas he will notice that you would not even think to on your own.
Key areas to look for is foundation, electricity, roof, plumbing, and attic. While these are the main focus when doing a home inspection, there are many others that a good home inspector will notice and explain, e.g. how to maintain your house and remove any future problem before they happen.
A good home inspector can also give you some estimates on renovations, and direct you to some good contacts to make sure your house continues growing in value.
I know that when you are in a multiple offer situation it might be the clauses such as home inspections you must waive in order to out bid the others but maybe it is a good idea to make sure that the house does not have any major defects before committing a life mistake that will cost you thousands of dollars in the immediate future.
Also a quick tip, do not trust a pre-home inspection. They are very vague at best and think about it, they are working for the seller not YOU!