Here’s some advice for competing as a buyer without waiving your inspection
When a buyer is coming to the market, whether they’re a first-time buyer or a seasoned investor, they almost always inspect the property before purchasing. In today’s competitive market, more and more buyers are waiving their inspections or shortening their inspection period to stand out among the crowd.
If I’m representing a buyer, waiving an inspection makes me nervous. I don’t want to put anybody into a situation where they feel uncomfortable a few months down the road. I’ll be the one who eventually gets that phone call if something big happens. So how do you make a strong offer without getting rid of the inspection?
How do you make a strong offer without getting rid of the inspection? Here’s one simple tip that could help you get that property.
When you’re writing your offer, you can usually do it one of two ways. You can purchase the home without having it inspected, which not a lot of people are comfortable doing. Sellers don’t tend to hide anything, but they may not know much about the bones of their house.
The second way is to write a contract with the right to do inspections without asking for small repairs. A small repair is usually any item that costs less than $1,000 to address. It still gives you some negotiating power as a buyer, but it makes sure you aren’t buying something that’s going to require a major repair when you move in. If something were to happen, it still gives you the power to either ask for the repair or walk away from the transaction.
If you haven’t been using this strategy when making your offers, ask your agent about it. If you have any questions about the market or real estate in general, don’t hesitate to reach out to me via phone or email. I look forward to hearing from you soon.