Should I waive my inspection contingency?

Should I waive my inspection contingency? findwell agent Michael Schafer answers in this installment of Ask an Agent.

Q: Should I waive my inspection contingency?

So waiving your inspection contingency is an option. The better option is actually pre-inspecting which you would do in an offer review time and then submitting your offer without the inspection contingency. Waiving your inspection contingency simply means you’re submitting the offer and not including the contingency and the risk associated with that is inherently that you could be taking over a house that has a ton of issues with it that you weren’t aware of. So, it’s always preferred to pre-inspect and then submit your offer without that contingency as opposed to waiving it.

Q: Why doesn’t a seller like an inspection contingency?

A seller does not like an inspection contingency especially in a competitive situation because it’s essentially a blanket contingency that the buyer could back out of for any reason they see fit. They don’t have to provide a reason for their rescinding of the contract and it’s essentially a 5, 7 or 10-day window, whatever the buyer designates where they get to reevaluate their decision process and decide if they want to move forward. The problem with that for a seller is that they then have to put the property back on the market and there is a negative stigma associated with it even if there’s a justified reason.