Breaking the Cardinal Rule: Why I Bought a House Without an Inspection
Breaking the Cardinal Rule: Why I Bought a House Without an Inspection
When you're buying a house, it's very important to remember that you're making a major financial commitment. You don't want to accidentally buy a property with a ton of problems and drain your bank account by having to make repairs as soon as you move in.
To avoid this fate, you'll almost always want to make any offer to purchase a home contingent on a satisfactory inspection. While mortgage lenders don't usually require this as a mandate, home buyers should because an inspection can turn up issues that are expensive to fix. Making an offer contingent upon, or conditioned upon, a satisfactory inspection gives buyers the chance to either negotiate for money off the price or walk away without losing a deposit if something is very wrong.
Why Waive an Inspection?
- Planning a remodel: In cases like the author's, where a gut remodel is already planned, the necessity of a formal inspection may be diminished.
- Prior knowledge: With substantial existing issues known beforehand, the need for an inspection to confirm these issues may be redundant.
- Competitive offer: Waiving the inspection clause can strengthen the offer, especially in competitive buying scenarios.
While avoiding an inspection can carry significant risks, in specific situations like the author's, the decision can lead to a successful purchase and renovation process.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.