We get it—buying a home is an expensive and time-consuming process. However, if you’re thinking about waiving a home inspection to save money, don’t do it—it’s never worth the risk. Here’s why:
You might be about to purchase a money pit.
The current owner may not always disclose important issues, such as foundation problems, malfunctioning HVAC systems, pervasive mold, a roof that needs replacing … the list goes on and on. Any one of these problems can cost you time, money and headaches down the line.
You might not be approved for a loan.
While it’s not a legal requirement to have a home inspection performed before being approved for a loan, your lender may require an independent inspection before final loan approval.
You could negotiate a better sale price.
The outcome of a home inspection can drastically affect the sale price of the home. If the inspection uncovers serious deficiencies, the buyer can leverage the findings into significant negotiating power.
Money put in escrow could be lost.
Most buyers are required to put 1–3 percent of the home’s price into escrow, where it stays until the deal goes through or the buyer walks away due to a contractually stated contingency. Read the sale contract carefully—a home inspection costs an average of about $300, but if your inspection uncovers deal-breakers, you’ll get back thousands in return.
At Center Grove Real Estate Inspections, we’ve been conducting thorough, accurate home inspections for more than a decade. If you’re in the Indianapolis area, feel free to give us a call at (317) 313-5362 or contact us online to schedule your inspection today.