"Waiving the home inspection contingency means the buyer is giving up their right to negotiate repairs or back out after an inspection - potentially putting themselves on the line for expensive problems after move-in. And many buyers are taking that gamble. Data from the National Association of Realtors (NAR) shows that 25% of buyers waived an inspection contingency in April 2021, the first month the group began tracking this trend."
"When people say they're waiving the inspection, what they're actually referring to is waiving the inspection contingency. When a buyerwaives the inspection contingency, you're agreeing that you: - Won't use the inspection results to cancel the purchase agreement - and if you do, you're out your earnest money. - Won't renegotiate the price or ask the seller for repairs after the inspection. - Are agreeing to purchase the home "as is" in the eyes of the seller."
Waiving the inspection contingency means the buyer gives up the right to renegotiate, request repairs, or cancel the purchase based on inspection findings. Buyers who waive the contingency risk losing their earnest money if they attempt to back out after an inspection and may inherit expensive problems discovered after moving in. Some buyers still hire inspections for informational purposes only, which does not preserve negotiation leverage. The practice rose during highly competitive markets as buyers sought to make offers more attractive, with tracking data showing notable fluctuations in the share of buyers waiving inspections.
Read at Redfin | Real Estate Tips for Home Buying, Selling & More
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