Today we’re explaining a tactic we’ve been using to help buyers succeed in this difficult real estate market: waiving inspection / as-is condition. Waiving the inspection sounds scary, but you want to stand out among the other 10 or so offers that have been submitted. Giving the seller peace of mind by not requiring an inspection can do just that.
However, many buyers aren’t comfortable with this option, so the alternative is buying the home in as-is condition. This option still gives sellers peace of mind but also protects the buyer. You’ll still have an inspection done, but if something is found that you would usually ask the seller to give you a credit for, you don’t ask for that, but you’re still aware of the issue so you can take care of it yourself when the house is yours. If unacceptable things are found during the inspection, the buyer isn’t obligated to move forward with the transaction.
We recently experienced this with a buyer client. The inspector found some charred wood on joists inside the roof. He suspected there may have been a fire in the home in the past, but the sellers knew nothing about it. Once this was conveyed to our client and that it might cost $30,000 to $40,000 to fix everything, they decided to walk away from the deal.
Buying a home in as-is condition is an excellent way to protect buyers but still stand out against other offers. If you have any questions about this strategy or real estate in general, call or email us. We would love to help you.