Right now, the Dallas and Fort Worth area is experiencing one of the hottest real estate markets that we can remember. Sellers are getting multiple offers, sometimes as quickly as they get their house listed on the market. Buyers are often finding themselves in bidding wars – sometimes for one property after another – and considering all possibilities to make their offer the most appealing, including doing everything they can to speed up the process by skipping as many contingencies as possible.
One of the most common questions we are hearing right now is if it’s okay to skip the home inspection step. It’s normal for a buyer to put a contingency on their offer allowing time to perform a home inspection, and averages by Zillow estimate that around 15% of buyers back out of a contract after the home inspection.
Waiving the home inspection contingency can also mean speeding up the associated waiting period, usually seven days, and that can make your offer more appealing to the seller since they can wrap everything up that much quicker.
But should you skip a home inspection?
The answer is definitely no (and not just because we are home inspectors). Even if you decide to waive the home inspection contingency during this hot sellers market in DFW, you should still schedule a home inspection.
Having a home inspection report will allow you to gain some very valuable information during the home inspection. As a homebuyer, you still need to know the conditions of the house and it’s systems as you move in. A home inspection will provide you with a thorough and informative report outlining issues that need to be addressed as well as the severity of any problems. It will also help you plan for the long-term by gaining an understanding the age vs. the usual life expectancy of any of the major systems of your prospective home, such as HVAC and roof. You will also understand any safety concerns so that you have the ability to address those as quickly as possible.
Plus, Semper Fi Home Inspections can provide you a same-day home inspection report, so that you can have access to information about your prospective home quickly.
Armed with this knowledge, you can have a much better understanding of some of the longer-term budgeting that you will want to do as the owner of a new home to cover ongoing maintenance and forecasting future costs of both normal wear and tear and possible concerns.
Without a home inspection report, you most likely will not have that same insight and ability to plan for future repairs.
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