Waiving home inspection? 24 hours to respond
Hey bigger pockets fam,
I have a dilemma that I really need an opinion on. I'm looking to purchase my first SFH in Queens, Ny with a plan to house hack. I found one that basically checked most of my boxes for 750k; the upper end of what I was approved for. I put in an offer just under to increase my chances of getting the property. And although I was initially told by the listing agent that my chances are slim due to my down payment (5%), I was told today that the owner accepted my offer. However, the owner wants me to waive the inspection and instead I would get an informational inspection before signing the contract. I'm able to get one in two days however, the idea of waiving an inspection on an old home bothers me a little despite my realtor advising me that it's a ‘usual' in NY and even mentioned that NY is mostly an ‘AS-IS' state. I asked my realtor if I should counteroffer by lowering my initial offer to 725k-730k to offset this but he thinks it's a bad idea as it would get rejected. I spoke to a friend who thinks 740k is too much for a sfh and that I should just walk away. I know the market is bullish right now but does anyone have experience with this? And more specifically, in buying in NY? Is that price reasonable? Should I spend money on an inspection or just walk away? Any advice would be greatly appreciated.
Most Popular Reply
Do not waive a home inspection ever. Never ever.