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As homebuyers vie for a limited supply of properties, many shoppers are making a concession that would be unthinkable in a normal housing market: They're assuring sellers that they won't use a home inspector's findings to haggle for repair costs or wiggle out of a deal.
Buyers in many areas are waiving home inspection contingencies. It's yet another sign that, in an era of record-low inventories, sellers are very much in the driver's seat. "That's just part of the reality right now," says Joe Tyrrell, president of ICE Mortgage Technology.
It is possible to waive the typical inspection contingency without getting burned. But you need to be smart about it. Don't forgo all protections. Instead, reserve the right to conduct an inspection for the purposes of gathering information, while letting the seller know you won't hold them responsible for making any needed repairs. This means, in a competitive market, waiving the home inspection contingency without waiving the inspection itself.
Read More »
Buyers in many areas are waiving home inspection contingencies. It's yet another sign that, in an era of record-low inventories, sellers are very much in the driver's seat. "That's just part of the reality right now," says Joe Tyrrell, president of ICE Mortgage Technology.
It is possible to waive the typical inspection contingency without getting burned. But you need to be smart about it. Don't forgo all protections. Instead, reserve the right to conduct an inspection for the purposes of gathering information, while letting the seller know you won't hold them responsible for making any needed repairs. This means, in a competitive market, waiving the home inspection contingency without waiving the inspection itself.
Read More »
