-
Home Inspection
Can a borrower sign an inspection waiver? How long does usually it take to send an inspector to a property?
-
2 Replies
-
Properly inspection is not required on a home purchase. Home appraisal is required
-
Waivers and Inspections
Inspection Waiver
Although such waivers are rare due to the nature of the finance instruments and the lender’s policies, a borrower may apply for one. Certain types of loans, such as conventional ones, may provide waivers in cases where the house in question is new or has a good appraisal history.
Nonetheless, it is essential to note that most FHA and VA loans are not well-known for their waivers. Rather, they require a home inspection upon appraisal.
The Borrowers’ Perspective on Signing an Inspection Waiver
If an inspection waiver is approved, borrowers may sign a waiver agreeing to give up the right to be inspected. This means they agree to accept the property in its current condition and probably assume more risks.
When to Expect the Inspector? Home Inspection Timelines
Wait time to Triage the Inspector:
On average, when you apply for a home inspection, it may take between 1 and 7 days to get an inspector assigned to your order, depending on the inspector’s availability and the number of requests placed in your local area.
Time Taken By the Inspector
The exercise lasts about 2 to 4 hours on average, but some homes, especially those at the larger end of the spectrum or in neglected conditions, may take longer to finish.
The Subsequent Report
In most cases, after inspections, you can expect the report to be in your hands in between 24 and 48 hours.
Final Thoughts
Understanding and evaluating the risks of inspection waivers when borrowers request them is important. If you opt for an inspection, arranging it can take a few days. However, the inspection itself will take little time. Always ask your real estate agent or lender for advice tailored to your needs.