In the highly competitive seller's market we are currently in buyers are looking for any edge they can get.  Some buyers are choosing to waive the right to have the property inspected.  This leaves other buyers very nervous.  They want to compete.  They want the home.  But, is this the wise thing to do?

This is a complicated answer.  First, removing inspections has a level of risk.  The question becomes: how much risk are you willing to take?  I can never recommend to a buyer that they waive the right to these inspections. (I just don't think it is a good idea with this large of an investment.) However, there are some times that a calculated risk is not a bad thing.  If you, or someone you know is a good DIY person it could work.

Second, sellers are required by law to reveal any KNOWN defect in the property.  To assist this process sellers will complete a Seller's Property Disclosure.  In this disclosure we can find out details about some big ticket items.  Has there ever been water in the basement?  When was the last time the roof was replaced?  When was the furnace and the air conditioning unit installed, and last serviced?  When was water-heater installed?  Are there any known plumbing or electrical problems.  This can give us some idea as to what the condition of the property is in.  We can ask questions to clarify things and try to determine what you are walking into.  For some buyers this is enough.  However, you need to remember that the seller is revealing known defects.  They may not know everything that could be wrong.  If you feel comfortable with this information, and want to give yourself a leg-up on other buyers you can forgo inspections.

Finally, let's say that you are not a gambler, and you want to have the home inspected. What can we do?  Well, there are some ways we can get creative.  Maybe, offer to help the seller pay some of their closing cost in exchange for the inspections.  Maybe we can write into the contract that we won't "knit-pick," (although, we need to find a different word.)  Here's an example:

Buyer will only request repairs on the roof, furnace or A/C unit.

Or:

Buyer will only request repairs up to $1,000.00.

This puts a cap on what the seller would pay.  It might help to put their mind at ease that you are not going to ask for a lot of repairs, but want to know what you are getting into.

One final thought:  this can also be a case by case decision.  If a home is older, often seller's understand inspections will be requested.  If the home you are buying is new (5-10 years)  then maybe it is a okay to forgo the inspections.

Hopefully, this helps with making decisions on whether or not to waive the right to inspections.  it is a risk to keep inspections in the deal (could be beaten by another offer that left them out), and it is a risk to remove them ( could have a serious repair problem).  Ultimately, it is for you to choose.