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2 Comments
I had a question that is somewhat related to the information discussed in the podcast. You talked briefly about property inspections. My husband and I bought in a frenzied market in San Carlos in 2003 and were encouraged to waive our property inspection so that our offer did not contain any contingencies. Our offer was accepted, but we were extremely nervous about waiving our inspection rights. We have not had any major problems, but I wanted to ask you for your thoughts on this issue
Hi Kirsten,
Good question. My short answer is that in order for you to willingly give up your right to a property inspection three things have to be true (1) You are in a multiple bid situation where it is assumed other offers will not have any contingencies as well (2) You LOVE the property and would be crushed if you did not get it (3) There is already a property inspection done by a respected, licensed inspector, completed on behalf of the seller.
If all three of these items are true, then you might consider moving forward with an offer that does not contain a property inspection contingency. However, it is very important to keep in mind that there is no privity of contract between you and the licensed inspector hired by the seller of the home. In other words, if the inspector missed a major issue you will not have any recourse against him and you will most likely not have any recourse against the sellers as well.
Finally, make sure you carefully read all seller disclosures on the property and ask questions on any ambiguous items prior to writing your non-contingent offer.
Bob Bredel
ReMax Today