Are you in a market to buy an older home in Silicon Valley? Are you going insist on a home inspection report before you close? Well,we just lost on a $1.5M offer this past weekend even though our buyers were not ordering any inspection and had a cash offer to close in 1 week!
This means, that you have to consider the need for inspection strategically before you sign the buyer’s inspection waiver against the advice of your broker or real estate agent. But what are your options as a buyer when it comes to buying your California dream home?
As buyers you are protected by California law which allows you to order any and all non-destructive inspection. From Roof, Foundation, Water Quality, Electrical, Plumbing, Mold you can indeed order them all if you are not comfortable with the condition of the property. Naturally, these inspection will be on your dime and not the sellers.
However, if the seller has already performed any inspection you as the buyer are entitled to get copies of such inspections. As a matter of law, the seller’s agent has to provide you with copies of all the reports on the property. So, you have a choice to accept the seller’s inspections or order your own which would mean you have to pay for them since the seller has already furnished their inspection reports to you.
The challenge you will face is that if you sign the buyer’s inspection waiver and you discover problems after the close of escrow, you will typically have no recourse to seek remedy. For instance, if you discover after you have moved into the property that you indeed have Mold problem then you are on your own if you accepted the seller’s inspections and no such defects were discovered on that inspection.
So, consider the the need for inspections strategically. If you are buying a home that’s 50 years old, odds are very good that there are lots of maintenance and repair needs you will will discover. In fact, it comes with the territory. Buying an older home comes with such problems. Do you need an inspection then if it will weaken your offer and removes any chance of you buying the house?
Tell us what you think.