Should I conduct a pre-inspection when writing an offer? Conducting a pre-inspection prior to submitting your offer to the seller can be a good strategy if you think there are other buyers interested in writing offers on the same home. If you’ve done your inspection prior, it can help set you apart from the competition.
Submitting an offer WITH an inspection contingency allows you to back out of the contract. This is not good for the seller because there’s more of a risk that the transaction won’t close. So if you do your inspection BEFORE hand it may make your offer more attractive to the seller.
Are there any down sides to pre-inspections? Inspections can run around $400. Just because you do a pre-inspection, it doesn’t guarantee your offer will be accepted. So you could potentially be out the $400.
Can I just waive my inspection all together? There’s no law that says you have to conduct an inspection. Contractors waive inspection all the time when buying properties because they have a very good understanding of construction and many times feel that they can conduct their own inspection without having to pay someone else. BUT if you don’t have an intimate knowledge of construction, waiving your inspection all together could be VERY risky.
There are many different strategies involved with an inspection contigency. To find out more about this topic or the first time home buyer process in general, please go to our Calendar/Reservations page and register for one of our FREE First Time Home Buyer workshops. Don’t put yourself at risk due to lack of information!
