inspection contingencies for investment property

[Michelle Hardy]

Hi Everyone, I am interested in purchasing an investment property for under $20,000 that clearly needs major renovations.  Do I need to do a home inspection prior to purchase?  The seller doesn't want any inspection contingencies.  Thank you in advance for your input.

[Erik Estrada]

The contingency is set up to protect you. If for whatever reason you waive the contingency, you will forfeit your ability to cancel the purchase contract if there are some serious issues with the home and will not get your EMD back. Not doing an inspection is going to hurt you, especially on this low priced home. The property might just be a total bust if the seller does not want any inspection contingency