A Seller's Market Can Be Scary
If you have ever looked for a home in a seller's market, you know it can be very challenging. There are many buyers making bids for every home. Prices can skyrocket way outside of your budget in no time. Sellers are impatient, especially since they know that they are holding all the cards. You might begin to wonder how you are going to be able to buy a home at all. Unfortunately, some buyers that are put in this situation feel that they need to take some shortcuts to make their offer look more appealing. That is when buyers start skipping the home inspection hoping that it makes their offer look more appealing. So, what should you do if the seller tells you that the home is yours if you can close on it as soon as possible - and without a home inspection? Will you give in to the pressure?
Remember Why You Get Your Home Inspected
If you view the home inspection as a mere formality, it is easy to decide to skip it. After all, you want to get this house, it looks like everything is in order. How bad could it be?
The answer to that question is that it could be very bad. Home inspectors regularly find defects that could end up costing you thousands of dollars after you have taken possession of the home. While this might not be the case with the home you are looking at, are you willing to take the chance? Once the home is yours, so are any issues that exist. If you have a leaky roof, you will have to pay to have it repaired. If the HVAC system gives up, you will be the one to have it replaced.
The list of expensive items that could be defective despite looking alright to the naked eye is very long. Buying a home is a huge investment already, and adding repair bills on top of that could break the bank.
A Home Inspection Can be Vital for Your Safety
There are many issues that are found on home inspections that can be serious health concerns for your family. Whether it is Radon, mold, electrical issues or something else, having a home inspection will let you know whether or not the home will be safe to live in. Again, many of these issues won't be visible when you tour the home, but they are vital issues to deal with.
These issues might also be a cause to back out of a deal before you sign the dotted line and the problems becomes yours to deal with.
What Might be Different in a Seller's Market?
Of course, in a seller's market, there are some things that might not happen, even though there are defects found on the inspection. For example, the seller will have the upper hand in negotiations. That means that minor defects that you might have used in the past to negotiate repairs or a lower price in a normal market will now turn into informational items for yourself. If you look at the price of repairing all these defects, is the home still worth pursuing? Having a home inspection will at least provide you the option of backing out of the deal if it proves to be too expensive.
Different but the Same
You will find that shopping for homes in a seller's market only makes the need to have a home inspection even more urgent. Since everything is moving so fast, it will be easier than ever to end up with a home that will cause you problems for years to come. While you might face pressure from sellers to skip out on the inspection, you should be firm in your decision to have your home inspected.
Remember to work hard for your own long-term interests. The most important thing is that you will be comfortable with the decision you have made since you will be the one living in the home.
You may also want to read: Being a Homebuyer in a Seller’s Market and Why A Home Inspection Is Worth The Cost
