What is the pre-inspection and why might it be a good option for you?
A pre-contract inspection is a home inspection that takes place before writing an offer on a property. This type of inspection would allow a buyer to waive the inspection contingency in a multiple offer situation, making your offer more attractive to a seller.
There are two types of inspections in this scenario – a walk and talk and a full inspection without time limits. Generally speaking, if multiple offers are expected, sellers will limit the amount of time for inspections (as a full inspection can take 2-3+ hours depending on the size of the property), walk and talks are most common.
- A walk and talk is an in depth inspection but the inspector is focusing on items that would cost more than $1,000 to repair and a report is not issued (so you will need to take notes!).
- A full inspection without time limits is exactly what it sounds like. The inspector will note every little thing that is found and a report is issued. The costs vary from about $250-$800+ depending on the size of home and inspection type.
In the current market with low inventory, buyers are frequently having to forgo home inspection contingencies in order to be the winning offer. In these cases, the pre-inspection is a great way for buyers to make sure they still have the information necessary to both get an understanding of any deficiencies with the property and ultimately determine whether or not to move forward with an offer.
For more on all things home inspections, check out our blog here.