The Pros and Cons of Waiving a Home Inspection on Long Beach Island
Waiving a Home Inspection in the LBI Real Estate MarketLong Beach Island Real Estate
The LBI real estate market has seen a significant improvement over the past few years. In fact, 2014 ended one of the best years since the financial crisis! Overall the number of homes sold has risen as has the average price of a single family on Long Beach Island. With the market improving, competition has increased among home buyers. Increased competition has led to home buyers evoking creative ways to win bidding wars. One highly effective tool is Waiving a Home Inspection in the LBI Real Estate Market…but it does carry with it some risks.
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Waiving a Home Inspection in the LBI Real Estate Market
Before any buyer decides that Waiving a Home Inspection in the LBI Real Estate Market is a good idea, they must be aware of the risks associated with doing so since once a contract is out of attorney review, a home inspection is one of the few ways to cancel the contract.
- A deal offered to a seller without a home inspection is considered a safer deal and more likely to close
- Depending on the intended use of the home being purchased, waiving a home inspection can potentially save money on the purchase price of a home
- It is important for a buyer to know that by waiving a home inspection, they surrender an opportunity to cancel the transaction.
The fewer conditions presented to a seller, the better the deal will be received. This can involve and all cash deal with no mortgage contingency, waiving a home inspection, or other creative terms. This can help to lower the overall upfront price of the home. In the LBI real estate market, it is not always the offer with the highest price that wins. Terms can be just as important as price.
Deciding to waive a home inspection in the LBI real estate market has a place, but is not appropriate in every situation. If a home is being purchased with the intention of tearing it down in the immediate future, a home inspection is not needed and waiving it can save a great deal of money. Likewise, if a home is brand new, a home inspection may not be needed as the towns inspections should have covered the systems of the home. Home inspections are best suited for end-user homes, in other words, homes that are one year or older and the intention is to use the home as it is. Waiving a home inspection in the LBI real estate market can be a costly mistake if there are conditions in the home that need to be addressed so it is important to keep in the mind the overall goal of the transaction.
Buying a Home in the LBI NJ Real Estate Market
The LBI real estate market has become more competitive, but there are some great deals to be had! In some cases, waiving a home inspection is a great idea…in some cases it is not. It is important to remember that every transaction is different and each must be evaluated on its own. For more information about the LBI real estate market or home inspections, contact me and I will respond right away!
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.BuyLBI.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market