Dream home or money pit? Why skipping an inspection is a gamble

On Behalf of | May 6, 2024 | Residential Real Estate

Scoring your dream home in the Bronx real estate market feels like winning the lottery. Bidding wars erupt over charming bungalows, and open houses resemble feeding frenzies.

In the heat of competition, some buyers resort to waiving their home inspection – a seemingly strategic move that could land them a winning bid. But before you ditch the inspector in favor of a faster closing, consider this: your dream home could morph into a never-ending source of financial headaches due to this single decision.

What do you risk if you waive an inspection?

Imagine moving into your new place, only to discover months later that a leaky roof is causing mold damage within the structure. A professional home inspection could have uncovered this threat, saving time, money and heartache.

Here are other reasons why skipping this crucial step can backfire:

  • Finding severe defects (electrical, foundation, etc.) can save tens of thousands in repairs
  • Knowing about defects and problems helps you avoid overpaying for a damaged home
  • Waiving a home inspection can make it difficult to get insurance coverage (increasing financial risk)

While waiving the inspection process might seem like a fast track to winning a bidding war, the potential consequences can be severe. After all, there is usually no way to reverse a deal once you have signed a purchase agreement.

A better possible strategy

Speak with a legal representative early in the home-buying process about scenarios you may face that require quick decisions. For example, ask if you are in a good position to waive an inspection on the spot without suffering undue consequences. Experienced representation can help lower your risk across the board when buying a home in New York.