Waiving Inspection....Let's not get crazy now! How to do it the SMART WAY!
In multiple offer situations in Snohomish county and Skagit county it is not unusual to see buyers waiving their inspection. Insert nail biting here!!! But let's not get crazy now! You have some options that will let you waive inspection but still do your due diligence and protect your investment. Here are four options with a bonus...
1) Pre inspection. You inspect BEFORE you write the offer. Think of it as an extended showing. :)
2) Seller completed inspection. Many sellers are having inspections done prior to listing and make that inspection available to buyers. Reviewing this report can bring you peace of mind that you know of any issues.
3) Pass/fail inspection you offer to complete an inspection after acceptance of your offer but as a pass/fail inspection. This means you won't "nickel and dime" the seller with small repairs or credits you are just looking for major red flags and you can still get out of the contract if you say find a 5 inch wide crack in the foundation. YIKES!
4) Limited credit inspection. Now this is super creative....you do an inspection post acceptance like the above pass/fail option but limit the amount of corrections or credits you ask for prior to the inspection. Like a cap on requested credits. This way the seller knows you are not offering high only to whittle down the purchase price with inspection credits. This works well for a home you know needs a few repairs.
BONUS: What if want to use one of these options but your loan requires an inspection addendum? Pretty common one here. Send your inspection contingency AND the response approving the inspection separately yet simultaneously.
DISCLAIMER haha. You know I always recommend an inspection but sometimes it pays to have some options. Think through all of these options, discuss them with your agent, and decide for yourself if your comfort level allows you to employ any of these options to get the edge in a multiple offer situation. Homematch NW - Kerryann Elliott Pray - 425-359-0181