14 Jun 2023

Passing on a Home Inspection is Like Gambling

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Jack and Jill were newlyweds on a budget. When they found an adorable little cottage for a steal of a price, they jumped at the chance. There was just one catch – the seller required an as-is sale with no inspection contingency.

Jack said “Don’t worry honey, I’ve got an eye for these things. I’m sure the place is fine.” Jill reluctantly agreed and they made an offer $10,000 below asking to seal the deal. The seller accepted.

On moving day, everything seemed great. The cottage was just as charming as they had hoped. But that night, as they climbed into bed, Jack heard a strange dripping sound. He traced it to the master bedroom ceiling – the source of a huge wet spot that was growing by the minute.

Jack rushed outside to find a rusted hole in the roof, letting rain pour through. Jill cried “I told you we should have had an inspection!” Scrambling to find buckets, they spent the night bailing water from their new bedroom floor.

The next day a roofer informed them the entire roof needed replacing, costing more than they had saved by skimping on the inspection. Jack and Jill spent their first few weeks in their new home camping in the living room under a tarp as the roof was repaired.

As they gazed at the huge hole in their bedroom ceiling, Jack sheepishly admitted “I guess my eye wasn’t quite good enough. Let this be a lesson – never gamble on a home without a professional inspection first!” Jill sighed “Next time, just listen to me dear.”

There is an old saying, “If something seems too good to be true, it probably is.” When buying a home, getting a great deal on the price may come with hidden risks. Passing on a professional home inspection is like gambling – you don’t really know what hidden problems lie beneath the surface.

Home inspections provide a level of certainty. Inspectors check the structural, mechanical and electrical systems for issues. They generate a report listing any repairs that are recommended. Without an inspection, buyers are gambling that expensive surprises won’t crop up soon after moving in.

Like gamblers who can lose big by rolling the dice on a long shot, homeowners who skip inspections can end up with costly repairs. Old roof issues, faulty wiring, foundation cracks, and HVAC problems don’t always show obvious symptoms. An inspector is trained to spot these problems before they become expensive replacements.

Home buyers find ‘that great deal’ by developing a wish list and sticking to a budget. But lower sale prices often mean the seller knows of issues they are keeping hidden. An inspection provides objective data to determine if the deal is really that great once repairs are taken into account. Otherwise, you are hoping and praying something expensive doesn’t break down the road.

The key difference is that gamblers hope to gain from taking risks, while home buyers trying to save money on inspections usually lose in the end. When forced to replace a roof, install new wiring or repair a foundation, you’ve lost the amount you saved by skipping the inspection and then some. And you don’t know if other hidden problems remain.

Professional home inspectors earn their fees many times over by identifying potential issues early. Find out the full state of the home you want to buy, not just the painted surface the seller wants you to see. An inspection eliminates uncertainty and reduces risk. It gives you knowledge to negotiate repairs or a lower price with the seller. Without one, you’re gambling that no problems exist. When making one of the biggest purchases of your life, is that a chance you really want to take?

In the end, a home inspection provides peace of mind that the place you just invested hundreds of thousands of dollars in won’t have any costly surprises right out of the gate. Paying a few hundred for certainty is always better than rolling the dice and gambling with your life savings on a home you know nothing about. An inspection gives you the facts you need to make an informed decision, not rely on hope and luck.

Unfortunately, there are no official statistics available on the exact percentage of home buyers who decide to pass on a home inspection. Here are some insights and considerations regarding home inspections:

  • Home inspections are recommended by real estate agents and lenders, but they are not required for most home sales. Buyers can decide to waive an inspection if they choose.
  • Anecdotal evidence from real estate professionals suggests anywhere from 5-15% of home buyers decide to pass on an inspection, often to make their offer more attractive to sellers.
  • Buyers who decide to skip an inspection are typically purchasing “as-is” with no contingencies. They are taking on greater financial risk by not knowing of potential expensive repairs that may be needed.
  • Some buyers believe they can identify major issues visually or through a pre-inspection, but professional inspectors are trained to find issues that may not be immediately obvious. Latent defects can still be present.
  • Home inspections typically cost a few hundred to a few thousand dollars, so some buyers decide to forego one to save that amount, without considering the potential much higher costs of unexpected repairs later on.
  • The decision to skip an inspection really depends on the buyer’s risk tolerance, budget, and how they weigh the potential costs versus the benefit of a more attractive offer and faster closing.

Overall, while passing on an inspection does occur, there is likely significant underreporting since buyers who face expensive post-purchase repairs after waiving an inspection have an incentive to keep that information private. Official statistics would be useful to fully understand the frequency and financial impacts of skipping home inspections. In the absence of data, anecdotal advice from experts consistently recommends having a thorough inspection done to minimize financial risks.

Call us today at 270-485-2662/270-702-7804 or www.proviewinspections.info for your home inspection needs. Check out our Blog while you are at our site for additional information.

Home Inspector# 102061


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