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Would you ever waive a home inspection?

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  • #31
    Originally posted by CordMcNally View Post
    I agree with ENT Doc 100%. I'd never waive a home inspection.
    Yep..........there is a house on every corner..........literally.

    I have bought 4 homes. I think I paid too much for two. One was a dumb purchase. 3 out of 4 have been a blessing. I would rather pay slightly too much and have an inspection, than roll the dice and not know what I am buying.

    Don't get lost in the frenzy. It is too big a purchase.

    I do feel bad for folks looking for homes now, but my guess is that by this winter there will be a lot of houses dropping prices and trying to sell all over the country.

    Things cycle.

    Seems like a lot of people decided to pull the trigger on selling and I think the supply will catch up in most areas. Hang in there.

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    • #32
      It does seem to be turning in my area. I am seeing more "for sale" signs. And they seem to be sitting longer.

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      • #33
        Originally posted by Lordosis View Post
        It does seem to be turning in my area. I am seeing more "for sale" signs. And they seem to be sitting longer.
        Yep, my brother just sold his beach house. He stuck his finger in the air and said....yep.....people being foolish........market jumping.......good time to get out.

        He was ready. Had the house for 10 years or so. Storms were always a worry, and the island rental next door lowered the rental price and now has keg parties until 0200 often....with people screaming and waking up his kid, 10-15 cars in the driveway, "interesting" renter's often between the ages of 18-30.

        It was fun while it lasted but he was ready to move on.

        He sold it for-sale-by owner. The person who bought it (out of state) did not go to the property, she sent her sister who was in town. She did not have an inspection.

        The house is on an island and salt water / salt air etc. destroys everything. He was constantly fixing this or that and he replaced the roof, the deck, the shed, the wiring for under the house........rusts like crazy.

        He probably could have sold it for 50k more but she said......."sell it to me now and I will buy it without even looking at it or having an inspection or asking you to fix anything"

        He pulled that trigger. Figured his time alone in dealing with people to fix crap or doing it himself was worth the 50k or so he lost by selling with no inspection no requests for repairs.

        He still made over 100k. He wanted off that island because hurricane season last year scarred the crap out of him (lots of houses lost).

        Dealing with insurance for a destroyed beach house is ..........yeah.

        Anyway, as a doc, at some point time becomes more valuable than $ and taking big risks buying stuff without investigating is, well,........unnecessary risk.

        I visited him and his beach house right before he closed and sold it. I counted 39 for sale signs on my drive from his home in town to the beach house (45 min drive).

        People on the island have been selling for > 200k more than two years ago............the tide will swing.

        One big storm and a lot of folks could be swamped and sad.

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        • #34
          Has already turned in my area, people that waited are now dumping homes onto the market at ridiculous prices and have seen mark downs for months in all but the best houses. But am in a small area and not a in demand city.

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          • #35
            Originally posted by jfoxcpacfp View Post
            Closed on my Nashville dream house on Thursday. The owners had lived there 27 years and the hubs was a DIY guy who was always tinkering with home improvements - that gave me a lot of comfort. Also, my fireman son works as a home inspector on the side and did the inspection. If they had been asking for no inspection, he would have done it, anyway. The point is that if the homeowner is the fixit type (and it’s pretty easy to discern by taking the time to get to know them), you can have some level of comfort. But you should also have a relative, friend, colleague who has a basic understanding of construction and design (and a lot of ppl do these days with the availability of internet info for amateur fixer-uppers), you may be just fine if it’s necessary to waive an “official” inspection.
            Awesome, no tax retirement? Smart. We like Nashville.

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            • #36
              Originally posted by Lordosis View Post
              It does seem to be turning in my area. I am seeing more "for sale" signs. And they seem to be sitting longer.
              I mentioned this to my wife yesterday. The two homes for sale in our neighborhood have lowered their prices after being on the market for a week.

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              • #37
                Originally posted by Lordosis View Post
                Most major problems are obvious but you do need to know what to look for. And also there's the time factor that you are only going to have an hour or so to look through the house and not only determine if you like it but if there is any major problems. And when you mix the emotion of buying a new house into the situation it can be easy to overlook or underplay some things that could be major problems. It's easy to think that you can remain unemotional through this but most people do not.
                We are emotional animals. The inspector is not buying the house. His/her reputation is on the line and they get paid well to look carefully at stuff.

                Also, and this is huge: They do it every day.

                I guess if you were a contractor or your dad / mom was a contractor but my dad was a general surgeon.......I fix stuff based on you-tube video's and gut instinct.

                I am going to install a toilet in my basement man-cave bathroom tomorrow (big POWER FLUSH! this thing is awesome! because.....some......well.........larger loads in the man-cave bathroom at times)

                Inspection: Could you see badness on your own? Yes, but most doc houses cost >400k. Not worth it.

                ALSO, and this is big for me.......as the "man" in the house all stuff that is repaired etc. the wife puts totally on me. If something was wrong....."you should have seen that!"

                She also says: "You need to fix that or call someone to fix it"......she is not doing it. She will nag, but other than that she and her mom (who lives with us) are not going to do it or call anyone.

                I would often rather fish or garden or exercise etc. and I hate paying people to fix stuff so........I want to know what I am buying as much as possible.

                Yes, stuff will be missed. BUT, if stuff is missed and I did not get an inspection then it would be: "my husband did a crummy job looking at the house and did not notice this and that and blah blah............"

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                • #38
                  Originally posted by Tangler View Post

                  We are emotional animals. The inspector is not buying the house. His/her reputation is on the line and they get paid well to look carefully at stuff.

                  Also, and this is huge: They do it every day.

                  I guess if you were a contractor or your dad / mom was a contractor but my dad was a general surgeon.......I fix stuff based on you-tube video's and gut instinct.

                  I am going to install a toilet in my basement man-cave bathroom tomorrow (big POWER FLUSH! this thing is awesome! because.....some......well.........larger loads in the man-cave bathroom at times)

                  Inspection: Could you see badness on your own? Yes, but most doc houses cost >400k. Not worth it.

                  ALSO, and this is big for me.......as the "man" in the house all stuff that is repaired etc. the wife puts totally on me. If something was wrong....."you should have seen that!"

                  She also says: "You need to fix that or call someone to fix it"......she is not doing it. She will nag, but other than that she and her mom (who lives with us) are not going to do it or call anyone.

                  I would often rather fish or garden or exercise etc. and I hate paying people to fix stuff so........I want to know what I am buying as much as possible.

                  Yes, stuff will be missed. BUT, if stuff is missed and I did not get an inspection then it would be: "my husband did a crummy job looking at the house and did not notice this and that and blah blah............"
                  I dont hate paying people to fix things really, but I do hate that its such a hassle to get someone on the phone, then x3 to get them out, then x10 for them to actually come and do it. I usually end up doing it myself out of frustration which is super annoying.

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                  • #39
                    in general i would not want to waive an inspection.

                    but i probably would consider if i could easily afford any repairs and the house was cheap relative to my income.

                    if you have $500k and the house is $250k i can't see it hurting you.

                    on a 2X mortgage, man i'd be nervous.

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                    • #40
                      Originally posted by CordMcNally View Post

                      I mentioned this to my wife yesterday. The two homes for sale in our neighborhood have lowered their prices after being on the market for a week.
                      not around here dude, one of my PAs just lost out on a bungalow w/ 25 cash offers above asking after 2 DOM

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                      • #41
                        My brother in law is a city inspector and does home inspections on the side. Builders, contractors and sellers hate him. He's very thorough and picky and fails inspections many times on new builds or additions. And on home inspections, will find everything wrong with the house.

                        He's a great asset to have for a buying inspection independent of the realtors inspector. He has a drone for roof inspections, will go into the attic, opens up toilets, turns on appliances.

                        Now what you do with that report is up to you.

                        We bought a home out of state from where he lives and our home inspector was terrible from our realtor. Basically was meant to seal the deal. My BIL takes 4 hours for an inspection typically

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                        • #42
                          Originally posted by jfoxcpacfp View Post

                          Showing my ignorance here, but isn’t there a deductible on most all HO policies? How can you submit claims for minor problems?
                          It's not a HO policy... it is a home warranty, they are different. The deductible was $40 per issue. Super cheap. For instance, got top of the line Bosch dishwasher (~$800) for $40 when old one puked in the first year. The duct work on heating vent and furnace was thousands of dollars for $40 co-pay type payment.

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                          • #43
                            Originally posted by ACN View Post
                            My brother in law is a city inspector and does home inspections on the side. Builders, contractors and sellers hate him. He's very thorough and picky and fails inspections many times on new builds or additions. And on home inspections, will find everything wrong with the house.

                            He's a great asset to have for a buying inspection independent of the realtors inspector. He has a drone for roof inspections, will go into the attic, opens up toilets, turns on appliances.

                            Now what you do with that report is up to you.

                            We bought a home out of state from where he lives and our home inspector was terrible from our realtor. Basically was meant to seal the deal. My BIL takes 4 hours for an inspection typically
                            Yes, it’s a good half day for my son (day job is firefighter) and much more arduous (climbing, crawling, lifting, etc) than I ever would have thought.
                            Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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                            • #44
                              I’d pay out of pocket to get a pre-inspection and if it looks good then I’d waive the contingencies.

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                              • #45
                                We were under contract on 1 home and closed on another home in the last several months. We pulled out of the first home because the general inspector and follow-up roofers found that the roofing required replacement to the tune of $25,000. The general inspector also found evidence of polybutylene pipes and the owners refused to allow us to inspect any further. Not a nice surprise to find out later as you'll never be able to sell the house.

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