waiving an inspection and appraisel speed up the closing process?

Question

If you waive inspections and appraisels will the it spped up the closing process for homes?

Answer 1

It might speed up the process a little but it is putting you at a very big risk. If anything is wrongs with the house, you have to pay for it. It may be hard to find a company to lend you the money without having a new appraisel done on the property.pp

Answer 2

If you are getting a mortgage on the home. The mortgage company will get an appraisal on the home. You will not be able to waive it. I would not waive the home inspection unless you are qualified to inspect the home and know what you are buying. If you are prepared for you loan application and can give the mortgage company all your documentation regarding income, assets, etc, the process is actually quick. The fastest i have been able to close a loan from start to finish is 1 week. That is with inspections and appraisal and a full file. The title company will need a few days to get the search complete. Email me if you have questions as i am a loan consultant for a mortgage company. Good luck.

Answer 3

Spend a little to save a lot. Take a little time and money to make sure that you are making the best move for your and your family. 350 for and appraisal and 350 for an inspection could end up saving you thousands and thousands down the road--from cosmetic, structural damages, electrical problems, plumbing and so on. Not to mention Mold. What if the house has mold. Then you are now talking about what could be serious health issues and cost. Use your head. This process saved my sister 50 thousand about two years ago. The inspection report came back BAD. The house looked good to us but we weren't trained. The foundation seals were completely rotten (along with many other issues) She would have never known and the cost to repair everything was outrageous.

Answer 4

Its not wise to waive an inspection not only because the roof could leak, the foundation could have major cracks do to house sliding off of it, plumbing and wiring issues, not enough insulation,etc but you would be the one paying for the repairs or replacement out of pocket. The seller wouldn't be liable because you signed the waiver. Also the lender requires an appraisal because they do not allow the loan to be more than the house is appraised for. Don't think you can get around that either because they pull the information anyway.

Answer 5

Where I live, the inspection is at the discretion of the buyer - do you want to know if there are problems? Or are you capable of diagnosing problems yourself?

The appraisal however, is non-negotiable. Your lender wants to know that the house is worth the price you've offered for it. They don't want put a million dollar loan on a house that really is only worth $750 K for instance.

Answer 6

Yes, some lenders do still allow that, especially with large down payments, but why would you even consider that?
Some properties have declining values, so if the is not worth what you are paying for it? or what of the needed repairs are so costly that you have to take out another mortgage to make the house in good condition?
That's risky business.

Answer 7

It is against the law to finance a house without an appraisal.

It is stupid to buy a house without an inspection...

And both are quick processes that dont take very long anyway.

Answer 8

You can only waive one of the two, and it will be the biggest mistake of your life.

Why are you in such a hurry to close that you would be willing to buy a property that could potentiall have tens of thousands of hidden defects?

You can't bypass the appraisal unless you are paying cash...it's for the bank, not you.

Answer 9

Along with the closing process being sped up the chances for litigations are also enhanced and most likely guaranteed. Chances are that the lender will not allow you to close without an appraisal anyway.

Answer 10

It may, but I wouldn't recommend it.