How are people okay with waiving the inspection?

A little background, my gf and I made 2 cash offers this weekend. Asking price was $310 and $315k we offered $335k and $342.5k.

The house that we offered $335k asked if we could offer more money and waive the inspection because apparently they had another offer (conventional loan) giving more and also waiving the inspection. Apparently the offer was for $10k more so I was very firm with my offer by only offering $1k more (total of $336k) and told them that I was absolutely not waiving inspection. I even told my agent that if they wanted us to waive the inspection so bad to just suggest the seller to go with the other offer since $10k more plus no inspection seems a lot better. Anyways, they ended up accepting our offer which led me to think there was never another competing offer. Fast forward to the following day, we did the inspection and turns out the roof had some big issues that would cost about $8-10k to fix. We withdrew our offer and when my agent called the sellers agent he said “why? Is it because of the roof?” So this makes me think that they knew all along the roof had major issues.

The second house also called and asked if we would offer more. We stayed firm again and did not offer a single cent over our offer. The seller ended up going with another offer since we did not offer more but the buyer had some issues with their loan. The agent ended us calling us back to see if we were still interested which we said we did but at a new price of $339k instead of $342.5k. They accepted our offer and we have the inspection scheduled for tomorrow but the house is a little newer with a new kitchen and roof so we don’t expect any issues (hopefully).

I guess knowing this and knowing that sellers are more than willing to not disclose material information like roofing or foundation issues, HOW ARE PEOPLE OKAY WITH WAIVING THE INSPECTION? If you are doing a cash offer I get that the appraisal might not be too relevant as long as you are willing to pay what you offer, it is my understanding that with a loan there needs to be an appraisal.

Anyways, hope this sheds some light into people looking to waive inspection and also to remind everyone that while the market is crazy out there while negotiations are going don’t be afraid to stand your ground. You don’t need to go crazy and offer more money just because the agent said they have other offers which might be nonexistent or just a complete fabrication to get you to pay more.

submitted by /u/hecmtz96
[link] [comments]

A little background, my gf and I made 2 cash offers this weekend. Asking price was $310 and $315k we offered $335k and $342.5k. The house that we offered $335k asked if we could offer more money and waive the inspection because apparently they had another offer (conventional loan) giving more and also waiving the inspection. Apparently the offer was for $10k more so I was very firm with my offer by only offering $1k more (total of $336k) and told them that I was absolutely not waiving inspection. I even told my agent that if they wanted us to waive the inspection so bad to just suggest the seller to go with the other offer since $10k more plus no inspection seems a lot better. Anyways, they ended up accepting our offer which led me to think there was never another competing offer. Fast forward to the following day, we did the inspection and turns out the roof had some big issues that would cost about $8-10k to fix. We withdrew our offer and when my agent called the sellers agent he said “why? Is it because of the roof?” So this makes me think that they knew all along the roof had major issues. The second house also called and asked if we would offer more. We stayed firm again and did not offer a single cent over our offer. The seller ended up going with another offer since we did not offer more but the buyer had some issues with their loan. The agent ended us calling us back to see if we were still interested which we said we did but at a new price of $339k instead of $342.5k. They accepted our offer and we have the inspection scheduled for tomorrow but the house is a little newer with a new kitchen and roof so we don’t expect any issues (hopefully). I guess knowing this and knowing that sellers are more than willing to not disclose material information like roofing or foundation issues, HOW ARE PEOPLE OKAY WITH WAIVING THE INSPECTION? If you are doing a cash offer I get that the appraisal might not be too relevant as long as you are willing to pay what you offer, it is my understanding that with a loan there needs to be an appraisal. Anyways, hope this sheds some light into people looking to waive inspection and also to remind everyone that while the market is crazy out there while negotiations are going don’t be afraid to stand your ground. You don’t need to go crazy and offer more money just because the agent said they have other offers which might be nonexistent or just a complete fabrication to get you to pay more. submitted by /u/hecmtz96 [link] [comments]

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