Across the country, homebuyers have been waiving their home inspection during the home purchase process. Now numerous news agencies are reporting the significant problems.
The Wall Street Journal
The Wall Street Journal doesn’t get into specifics, but sites hiring a home inspector after moving into a house resulted in discovering “the roof needs to be replaced, the electrical wiring needs to be replaced, the conservatory needs to be demolished, the house has termites and the support beams are severely compromised, the foundation is cracked”
The Philadephia Inquirer
The Philadephia Inquirer reports a woman skipped her home inspection, only to find out that when running the tub, the water didn’t get hot and water was pouring through the ceiling, and the drywall was coming apart. One buyer who waived their inspection buyer found their bedroom wall collapsed because of a water leak. Another client discovered the home’s basement flooded with sewage.
WNEP-TV – Scranton, Pennsylvania
WNEP news reports on how many expensive repairs are not being discovered by waived home inspections.
FOX6 – Milwaukee
Fox6 reports of a buyer who waived his home inspection, and then had to pay for electrical and plumbing work after moving in. The news station further reports that waiving home inspections “means the buyer assumes all financial risk for any necessary repairs. Those repairs can add thousands, even tens of thousands of dollars, to the actual cost of the property.”
The Georgetowner reports a reason to not waive your home inspections is “Danger could be hiding in plain sight. From recalled electrical panels to faulty plumbing to structural issues, any number of systems or items in your house could be affected.”
The article also points out your home warranty company may not cover claims, because you can not prove an item was in good working order when you bought the home. Items not working at the time of purchase are usually not covered by home warranty companies.
The Motley Fool
The Motley Fool warns that before you waive a home inspection, you should ask yourself if you the extra cash to cover necessary repairs. The Fool also says you should ask yourself if you feel lucky, because “There’s no doubt you’re taking a big gamble when you purchase a home without first hiring a pro to inspect it, no matter how good it looks”
CNN recently ran a video article on how many flipped home looks pretty, but often have hidden issues, “and why buyers may get more than they bargained for.”
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