When DON'T you need an inspection?

[Benjamin Cowles]

I recently missed out on a deal because another buyer offered a contract without an inspection contingency. And the seller of another property for sale requires a non-refundable deposit, which even with an inspection contingency you'd still be taking that risk of not knowing what you don't know before you commit that deposit. And I just realized as I've read around that it is a common requirement by wholesale sellers but really hadn't read much about starting out in investing and buying from other investors or buying deals where there is competition like described above.

Is it just whenever the property needs SO much work that you figure an inspection couldn't really offer you a better picture of the rehab needed? Is it just a matter of personal experience and risk tolerance? I'll be keeping tabs on this property and what it resells for but I'm thinking I probably didn't need an inspection myself and could have done well with it. I guess I'm answering my question but as I said I've not really read much about this aspect of buying for newbies at least and would like to see some comments on this if you have any. Thanks

[Brian Pulaski]

In my area any good deal goes cash without an inspection contingency. I'm lucky that I don't need one, as anything an inspector would see, I would see as well. I have only ever paid for inspection on my own personal homes, and only so I can have a report to ask for items to be fixed.