In the current market, many buyers are turning away from the pre-purchase home inspection that was once standard, in order to entice sellers and close the deal. We sat down with expert Matthew Haughery of Precise Inspecting, LLC to discuss the pros and cons of this increasingly popular negotiation tactic.
At this moment, the real estate market is piping hot in Lancaster. It is supply-and-demand at its most pure. According to a survey by Pew Research Center, 22-percent of American adults say they’ve changed their residence recently or know someone who has. As we’ve seen in Lancaster, there are too many buyers and not enough homes to meet the demand—putting the power in the hands of sellers. According to Haughery, “In this environment, sellers are receiving multiple offers and the advantage to sell can often go to the buyer who waives the inspection.”
While opting for an inspection after you purchase your home may close the deal, you need to be prepared for the risks that come along with this approach. Haughery elaborated, “[Foregoing a home inspection pre-purchase] is risky for at least two reasons. One, the buyer doesn’t have first-hand knowledge of the quality of the inspection. But, more importantly, the seller’s pre-listing inspection offers no protection for the buyer. A home inspection protects the buyer because it is a legal contract between an inspector and the buyer. A pre-listing inspection is between the seller and the inspector.
So what are the pros and cons of foregoing a pre-purchase home inspection? It can help the buyer snag their dream home in a seller’s market, but according to Haughery—the pros stop there.
Haughery insisted that buyers cannot assess the health of a home based off of a few walkthroughs—they need an expert eye. “Like our physical bodies, a home is in a constant state of dynamic change. Environmental influences constantly test a home’s construction quality and resilience. In the same way that we periodically use a doctor to evaluate our physical condition, a home inspection benefits a home and improves its longevity,” said Haughery.