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Are inspections needed to close on a home?

Are inspections a requirement in order to close on a home? We have placed multiple offers on homes but keep getting beat by others waiving the appraisal and inspection. Isn’t waiving inspections a risk because you may encounter issues that may come up in the near future? Spending money on repairs that blindside you isn’t worth waiving inspections and appraisals in my opinion. by mfburgo152 from Chandler, Arizona. Aug 8th 2022 Reply


Dave Skow (daveskow)
#16 ranked lender in Washington - 332 contributions

inspections are optional ..many bueyrs will waive this requirement in order to make their offer be stonger and stand out ...often these buyers will do what is called a " pre inspection " before they make an offer ...other times they roll the dice hoping nothing major happens ..to be on the safe side - get an inspection done ..the market has cooled that sellers are now accepting offers that have inspection contingenicies

Aug 9th 2022
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,431 contributions

No, Inspections are not required. Even if you elect to waive the inspection in the contract, there is nothing to prevent you from obtaining one anyway. Yes, buying a home without knowing all the things that are wrong with it, is risky. Waiving an appraisal would mean you could not cancel the contract if the home is not worth (per the appraiser) what you are paying for it. Discuss with your Real Estate Agent your options to cancel and not forfeit your earnest money deposit.~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300.

Aug 9th 2022
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,729 contributions

NO, but traditionally, people almost always get an inspection, and in my humble opinion, it is really unwise to buy a home without one. In the past few years, with an over-heated market, anything a buyer could do to help stand out, like waive an inspection put their offer higher up the pecking order in the sellers eyes. Now that the market has cooled significantly, inspections are back big time. Also, buyers can't choose simply waive appraisal when getting a loan. On the other hand, some very well qualified buyers do qualify for what is known as a PIW (property Inspection Waiver), so no appraisal needed, but they can't just say they don't want an appraisal (unless paying cash). I provide home loans in MN, WI, IA ND, and SD. Visit my website at JoeMetzler.com - (651) 552-3681 - Cambria Mortgage, NMLS 274132

Aug 16th 2022
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