Know risks when forgoing inspection contingency

Team Patereau is working with a Buyer who watches every penny and would like to forego the cost of home inspections.  This person is knowledgable about the property and familiar with the neighborhood, and has met the current homeowners. We are cautioning that there are hidden conditions that need to be tested by a professional, but in the end it is optional. Today we saw this article from Inman News about home inspections and we are sharing it with our Buyer, and you.

Know risks when forgoing inspection contingency - Surprise defects can compromise a homebuyer's deposit

By Dian Hymer, Monday, January 2, 2012.Inman News®

Think again if you're considering buying a home without having it inspected. This particularly applies to first-time buyers who have little, if any, experience with home defects and repairs. Even professionals can make mistakes when buying homes without having them thoroughly inspected.

In one example, an experienced contractor bought a home to fix up and resell. The contractor looked over the property carefully before he bought it, but he did not have it inspected by an impartial home inspector.

After the contractor took possession of the property, he discovered that the furnace was shot and required replacement. The cost of a new furnace was not included in his renovation budget.

Here's the full article