Risky Trend Emerges
Among Anxious Buyers

Question: In the Washington, D.C., metropolitan area, some buyers are waiving the home inspection just to gain an edge over others who have bid on the same property. What do you think of waiving the inspection just to get a contract on a house when the market is competitive and there is a shortage of available homes?

-- Susan, Chevy Chase, Md.

Susan: You aren't alone in having difficulty buying a home in a hot market. Indeed, it is the very press of buyers competing for a short supply of homes that causes this problem. Each buyer is trying to figure a way to make his or her offer more attractive to the seller. One method is to waive the home inspection, meaning a quicker, cleaner sale.

But this is like buying at a grab-bag sale. You don't know what you are getting until after the purchase. If it turns out there are serious defects in the home that the seller didn't know about, but which an inspection could have uncovered, you could be stuck paying to have them repaired. (Even without the inspection, the seller should disclose any known defects.)

The safe approach is to never waive an inspection -- it is for your protection. But in a hot market the desire to get a home and beat out the competition may be irresistible. If you find yourself giving in, you should at least try to conduct an inspection beforehand. When you walk through the home before you make your offer, try to get a feel for any problems. If you know someone in the construction trades or can get a professional inspector to come out, have them look with you. Pay special attention to the big-ticket items -- for example, the home's electrical and water systems, roof and foundation. Though this isn't as good as a true home inspection, it is probably better than nothing at all.

Just remember that when you waive that home inspection, you are giving up your right to have the home professionally evaluated. If there is nothing wrong with the house, you win. But if there is a serious, undisclosed defect, you might be buying a costly headache.

-- Mr. Irwin has more than 25 years' experience as a Los Angeles-area real-estate broker. He is the author of more than two dozen books about real estate and is recognized as one of the most knowledgeable writers in the real-estate field. Mr. Irwin's most recent books are "How to Get Started in Real Estate Investing" and "How to Buy a Home When You Can't Afford It" (McGraw-Hill, 2002).

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