Thinking About Waiving Inspection?
by Osman Parvez
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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.
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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.
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We can highly recommend Sophie. Her attention to detail and communication skills are great. Our home was in area that most realtors are not familiar with, but Sophie took extra time to get to know the neighborhood in order to give us quality service. She also brought in a professional photographer to make our home look its best. Even though the listing was in winter, the house sold quickly. With Sophie’s business and people skills, we have no doubt she will be a top realtor in the area.
Osman was a refreshingly honest realtor. He stressed through the entire process that his goal was to make me happy with my home purchase. I greatly appreciated the fact that he never shied away from pointing out the negatives as well as the pluses of different places while leaving the final decision up to me.
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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.
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