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What are the risks of waiving a home inspection?

A home inspection is a standard part of the homebuying process. After a buyer’s offer is accepted, the buyer hires a licensed professional who checks the wiring, flushes the toilets, peers into the attic and tests the heating and air conditioning systems.

In a buyer’s market or a more balanced market, buyers often use the inspection as a bargaining chip. For example, a toilet that runs doesn’t affect the underlying safety and soundness of the home, but it does present an opportunity for the buyer to ask for a repair or credit from the seller.

Under normal circumstances, you would never want to waive a home inspection. Buying a home is the biggest purchase many people ever make. Having a home inspection conducted before finalizing the purchase protects your financial interests. This is because inspections are designed to uncover any problems with the home. If you skip it, you risk serious issues that could cost you a great deal of money down the line, such as asbestos, mold infestation or cracks in foundations or support beams.