According to the National Association of Realtors, the supply of available homes in the US is at its lowest point since NAR began collecting this data in 1982.
The market is moving so fast and the rush to not be outbid has many buyers skipping the home inspection. Reports around the country are estimating that almost two times as many buyers are waiving an inspection.
We get it – you or someone you know may be undeterred by home repairs, a DIY-type who loves home maintenance, and in LOVE with a home and a neighborhood; the temptation to move straight to closing without a thorough evaluation is understandable.
Why is it such a terrible idea to skip an inspection? Won’t a home’s disclosures tell you what to anticipate? Here are items that may not be apparent at a walkthrough or even known by the seller to disclose:
Areas of moisture intrusion and/or heat loss
Safety-related deficiencies in electrical outlets and inside the electrical panel
The presence of mold
The presence of radon gas in the home
The condition of the roof and its life expectancy
The life expectancy of major items like Heating and Cooling systems and water heaters
Leaks and plumbing deficiencies that can cause significant damage
Improperly functioning major appliances
Cracks that are normal settling vs. cracks that are foundation issues and require attention
The presence of Wood Destroying Insects (termites)
Home inspectors do so much more than identify deficiencies in a home and recommend repairs. They also educate buyers on the workings of the home and maintenance processes.
What are the best solutions? The best option is to receive a home inspection, even if you do not plan to ask for repairs to be made. Savvy realtors know how to negotiate if major deficiencies are found. If you must be the first to place an offer, and there is no time, schedule one of our inspectors to accompany you on your first walk through. This is a surprisingly affordable option that allows our inspector to check the major components of the house while you make a decision about your offer. The inspector would act in a consultative role, and there would not be a report, but the buyer could leave the property with a much clearer idea of the home’s condition.
If you or someone you know has recently purchased a home, and did waive the inspection, there is another option. Schedule a Post-Closing home inspection. This process, though performed after purchase and not before, still provides substantial benefits. Home owners can be confident in knowing which major components and systems are functioning as intended, and which ones may require budgeting for future repair.
I am so phenomenally proud of the team at Fox Mountain Property Inspections; every member of our team has pivoted and adjusted to accommodate home buyers and agents in this volatile market.
President Fox Mountain Property Inspections www.foxmt.com 301-685-3145
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