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Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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I waived inspections on my house when I bought it. I've been around the construction trades enough to see what's wrong and in our case, I knew I could fix the obvious problems. We got a 30 day close and some credit for roof repairs which gave us a real bargain at the time.
In CA, there is a form we use titled "get a home inspection". The buyer can check the box that says I've read it and I choose not to get a home inspection.
We were one of the buyers that waived the inspection. The house was only 2 years old and my realtor indicated that the problems have usually appeared by then. He said that he wouldn't do one but it was obviously up to us. My husband took that suggestion and ran with it. I wanted one but relented.
After we closed and owner/agent was giving us a run down of the property he said "By the way, the water in the shower is switched. Instead of going cold to hot it goes hot to cold." That was not listed in our sellers disclosures anywhere. It hasn't been a problem for us, but now that we are going to sell I am afraid that we are going to be paying to get it fixed. Also, the toilet downstairs sings when you flush - from what I have read on the internet it is easily remedied.
So far I always waived the inspection. I always bought new build homes and 1. 2,5 year old home. When we saw the home we checked most and even though it was a short sale we put as a contigency that everything has to be working. Since the sellers realtor and husband of the owner over and over was telling us how great the home was, we told him "than you don't mind that we put your words in the contract and it will be a contigency", he didn't mind and the only not working thing was the door bell, which the realtor paid for and the home wasn't cleaned as he had stated over and over.
The waiving of the inspection is a risk for the buyer not the seller, although I believe that if there is a major issue and it isn't disclosed on the disclosure (and the seller is aware of it), it still can be a responsibility for the seller.
I sold a house and actually have bought two house recently. Both times I got an inspection, it was a complete waste of money. FIrst off they did not do anything that I could or not do myself. I saw the same problems that they saw. The only thing worth the money was the septic inspection I could not see that. Unless its an old house and I mean old, or you need some bargaining chips its a waste of money. Just go in the basement and look at the systems and walls and foundations you can do the same damn thing. I next time wont get an inspection and pay someone 500 bucks or more to tell me the light does not work.
Had a client who routinely waived inspections when he bought. The last purchase was of a young home, contractor built, and in apparant excellent condition...top of the line amenities. Once again he stated he did not need an inspection and would utilize his knowledge of the trades, do his own water test.... He waived...we closed.....2weeks later when I called to see how life was treating him in his new home he said, 'in my next purchase, DO NOT LET ME WAIVE THE INSPECTION"! The septic [though verified prior to closing as pumped" had overflowed/backedup Thanksgiving Day offering unique holiday entertainment, water had started flowing rusty about 10 days into occupancy, and there were problems w/ some of the wiring! Had the waiver in writing........
It doesn't happen very often, but there are those buyers that just like to move ahead. I agree that when it has happened for me in the past, they were all in the trades, two were carpenters, one a plumber, and one a general contractor.
Just be honest on your disclosures. They are the ones taking the risk.
As Silverfall said, as long as you have made the proper disclosures you should be ok.
They signed the waiver and if they find something (aside from a warranted item) that doesn't work (as long as you've properly disclosed) they have to eat it.
Here is the other side of the story:
I looked at over 100 houses when we bought our first house in NJ not too long ago. It was at the top of the market in overpriced Northern NJ. None of the houses were new, usually about 40 years old.
We would start a negotiation for a house and more than once the selling agent "would strongly advise us" to waive the inspection because there were already other offers on the table and they were all willing to waive the inspection and if we really wanted the house we needed to move fast, without inspection and bid even higher. Now how do you know if this is all true? Could the agent just make it up? Can you trust them?
As soon as that happened we would walk. For us a good inspection is a must and saved us from a house with big water issues.
As said before I am sure some buyers waive with good reason and it should not be your problem. I wish you good luck and an easy sale.
Here is the other side of the story:
I looked at over 100 houses when we bought our first house in NJ not too long ago. It was at the top of the market in overpriced Northern NJ. None of the houses were new, usually about 40 years old.
We would start a negotiation for a house and more than once the selling agent "would strongly advise us" to waive the inspection because there were already other offers on the table and they were all willing to waive the inspection and if we really wanted the house we needed to move fast, without inspection and bid even higher. Now how do you know if this is all true? Could the agent just make it up? Can you trust them?
As soon as that happened we would walk. For us a good inspection is a must and saved us from a house with big water issues.
As said before I am sure some buyers waive with good reason and it should not be your problem. I wish you good luck and an easy sale.
When you say "selling" agent I assume you are talking about the listing agent. The listing agent represents the seller and is doing what is best for his client.
While s/he is supposed to be honest with both sides, he only has a fiduciary duty to his client. You can't be sure if he actually has other offers or not. Therefore, It's best to decide what is best for you, and make your offer based on that, and not on what the listing agent tells you.
As a listing agent, or as the buyers agent, I always advise a buyer to have all the inspections they feel is necessary.
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