According to Redfin, a residential real estate brokerage: during the summer of 2022, between 44.3% and 50.9% of homebuyers faced competition for home bids, with the typical property receiving an average of 3.5 offers. A s a result, both buyers and sellers have been eager to close the deal on homes as quickly as possible. Unfortunately, in many cases, the buyer's decision to forgo a home inspection entirely can be short sighted. Pro Spex advises against this -- buyers should see the inspection as a time to get valuable information, not just to use for negotiation. At the bare minimum, buyers should opt for a walk-thru inspection.
If your client tells you they cannot afford a traditional inspection, or they want to make their offer more competitive, consider what is called a “walk-thru” inspection instead, as they save time and money. However, make sure your client has reasonable expectations by informing them of the differences between a full inspection and a limited walk-thru inspection.
Full Inspection
Comprehensive review of all systems
Average 3 hours or more with Inspector
A report is provided to the buyer often between 50 and 75 pages
Use of advanced tools (infrared, moisture meters, drones etc.) for more in depth assessment
Protected by Pro Spex insurance, backed by warranties
Price: $450-550 on average
Walk-thru Inspection
Inspection of major systems only
1 hour or less with Inspector
Assessment results are provided verbally
Visual inspection only, no specialized tools
No protection
Price: 20-30% less (I'd put a number here and not a %)
A walk-thru inspection is better than purchasing a completely unexamined home. While there is a limit of what a walk-thru can identify, it is still conducted by a professional, experienced set of eyes looking at a home in the way a typical buyer does not. Further, sellers may be more agreeable to a walk-thru. This means your client will still have some insight on whether to move forward with a home purchase which can help put both of your minds at ease.
Schedule a walk-thru, or any of our other inspection options, here.