When to waive an inspection

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When you’re buying a home, waiving your rights to a property inspection if often recommended with a couple of notable exceptions.

A home inspector protects your investment and reveals potential issues that might not be visible to the naked eye. Look at it this way: How happy would you be with your property if you only discovered it needed $10,000 worth of immediate repairs AFTER the sale was final. Inspectors look for health and safety concerns, and can usually uncover such issues as faulty electrical wiring or heating-and-cooling systems, and even structural defects that the average person would never notice.

So why should you waive your right to an inspection? Sometimes, it’s because buyers are rehabbing the home or knocking it down. But what about a home you’re planning on moving right into though? Buyers will waive the inspection to speed the process along or to outbid someone on a “hot” property. Buyers in situations like that should keep in mind there is a five-day attorney review period during which they can back away from the contract. During that time, try to at least get back into the home for a closer look.

What about condominiums? Often the association is responsible for the property with the exception of what is inside of your four walls. Even with condominiums, though, things can go wrong. Many times, you still have your own furnace or hot water tank along with balcony doors. These items are usually the owner’s responsibility to maintain or replace.

So, when should you waive the inspection? It is possible to waive the inspection if you are an experienced real estate investor or a rehabber and have $25,000 to $50,000 in emergency funds set aside in case there is a major issue with an area of the property you did not know about.

Bottom line, spending a few hundred dollars on an inspector could save you thousands down the road and give you peace of mind!

To contact me, call 708-583-8300, e-mail gz@zerillorealty.com or visit www.zerillorealty.com.

 

 

About Giuseppe Zerillo

Giuseppe Zerillo is the managing broker and owner of Zerillo Realty Inc. He is active on many boards, serving as village trustee of Harwood Heights and corporate secretary for Casa Italia. In 2011, he received the IANU Foundation's 2011 David Award for outstanding promise in the field of real estate, and in 2012 he was honored by the Illinois State Crime Commission for his community outreach. Constantly seeking opportunities to give back, he donates to several charities and raises money for children with disabilities.

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