Buying without an inspection is a dangerous trend that’s growing in hot real estate markets. The bottom line seems to be getting the house no matter what. But what happens if the house turns out to be a lemon?
Sometimes, there’s a delicate balancing act between making an informed choice and acting quickly to make the best offer. A home inspection doesn’t have to be an either/or proposition. Find a great home inspector before you search, and you could have the best of both worlds.
Hot Markets Mean Fewer Professional Home Inspection
In an average town on an ordinary day, there’s plenty of time between the offer and closing table to fit in a professional home inspection. But that’s not the case in soaring, low-inventory real estate markets. In competitive markets, the tone is “buy now, ask questions later.” And do it fast.
Some homes in hot markets sell for much more than the asking price, all because of a bidding war. And because time is of the essence, home inspections take a hit.
It’s a pattern that inspectors, such as Alden Gibson, say puts buyers on the short end of the stick. Gibson told Kitchener News that buyers are just “trying to make sure they get the house.” But he goes on to explain that major, costly problems could creep in later.
What’s Really at Stake by Taking That Risk
What might an inspector find that a buyer wouldn’t see? Roof defects, for one. And the roof is one of the most expensive systems to replace. Depending on the size of the roof, Home Advisor says it usually runs between $4,690 and $9,034, with larger and more expensive roofs costing tens of thousands.
Mold can hide in areas where buyers don’t look during a walk-through. And major structural problems might only be visible from the crawl space and attic. Plumbing defects are sometimes as small as a faucet leak or as major as a tree root grown through the main sewer line.
There’s a certain reward in skipping the inspection and getting the best bid. But the risk is that the dream home could be a money pit lying in wait. Sellers are sometimes required to disclose defects, but not every defect is known, even to someone who lives there.
A report from your qualified home inspector helps you act fast with the most information possible.
You Don’t Have to Choose Between Protection and Dangerous Risks
The good news is that a strategic approach offers choices. With an inspection contingency clause, buyers have a certain number of days to get an inspection, and an out or the right to renegotiate if serious material defects are found.
If you’re looking for a home, look for a home inspector, too. Waiting until the house is under contract pushes everyone’s schedule to the max. And that’s when sacrifices, such as nixing the home inspection, are made.
Think of it like pre-qualifying for a mortgage. If you know you have a great inspector, all you have to do is make that call. If the market is so hot that it’s pushing buyers to skip inspections, chances are inspectors will be happy to work with you.
Buyers are at a disadvantage when demand is high and inventory is low. It’s easy to ignore the risks of skipping a professional home inspection in favor of making the right bid at the right time.
Unfortunately, the risk might not pay off. And that could mean costly repairs and even uninhabitable conditions, such as major mold infiltration, lie just a short way down the road.
If you’re shopping for a house, do yourself a favor. Shop for a home inspector early. The additional legwork before you bid could give you peace of mind to make the smartest investment decision.
Hire an Inspector can connect you with an experienced professional who’s happy to work with you. Find a home inspector in your area today.