is it a good idea to wave inspection and appraisal

[Tom Hall]

In the process of buying home, the owner received very similar offer, around the same price range however the other offer waved inspection and appraisal. Now the listing agent called and asked if we could do the same, our offer, the listing agent said is slightly higher but they want us to wave inspection and appraisal and we have time till tomorrow. House is indeed in a good shape the basement is fully done with full bath. No cracks has been seen on the foundation from my visional observation.

How to protect myself on the contract? your advice is more needed then ever ..