Thinking About Waiving Inspection?
by Osman Parvez
—-
The Boulder area market has very little inventory, so it’s not uncommon for buyers to find themselves in a bidding war – especially on a fresh listing. In some, it makes sense to scale back the inspection contingency to increase the competitiveness of the offer.
When you think about waiving inspection, just remember this photo.
This is what a 1950’s cast iron drain line looks like when it fails. The normal failure mode is to rust from the inside. Boulder is filled with drain lines that look just like this.
In most cases, if my buyer is considering waiving inspection, I recommend a partial “pass/fail” type inspection instead. It allows a buyer to determine the health of the envelope and main system of the house while sending a signal to the seller that the buyer is serious. It assures the seller that there will be no second round of negotiation over trivial inspection problems, but still reserves the buyer’s right to exit the contract and get their earnest money back if a deal killer is found.
—-
Ready to buy or sell? Schedule an appointment or call 303.746.6896.
You can also like our Facebook page or follow us on Twitter.
As always, your referrals are deeply appreciated.
—
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
Thinking About Waiving Inspection?
by Osman Parvez
—-
The Boulder area market has very little inventory, so it’s not uncommon for buyers to find themselves in a bidding war – especially on a fresh listing. In some, it makes sense to scale back the inspection contingency to increase the competitiveness of the offer.
When you think about waiving inspection, just remember this photo.
This is what a 1950’s cast iron drain line looks like when it fails. The normal failure mode is to rust from the inside. Boulder is filled with drain lines that look just like this.
In most cases, if my buyer is considering waiving inspection, I recommend a partial “pass/fail” type inspection instead. It allows a buyer to determine the health of the envelope and main system of the house while sending a signal to the seller that the buyer is serious. It assures the seller that there will be no second round of negotiation over trivial inspection problems, but still reserves the buyer’s right to exit the contract and get their earnest money back if a deal killer is found.
—-
Ready to buy or sell? Schedule an appointment or call 303.746.6896.
You can also like our Facebook page or follow us on Twitter.
As always, your referrals are deeply appreciated.
—
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
Related Posts
Share This Listing!
More about the author
Osman Parvez
Owner & Broker at House Einstein as well as primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has appeared in the Wall Street Journal and Daily Camera.
Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera. Learn more about Osman.
Work with
House Einstein
Thinking about buying or selling and want professional advice?
Call us at 303.746.6896
Your referrals are deeply appreciated.
