Waiving the Inspection, Not the Risk

"I consider us blessed. We haven't been bit by it," Fozard said.

Even though, as they have been working on the basement, they have discovered a problem or two, such as a cracked joist under the old plywood ceiling. An electrician they hired added a few needed circuits.

"We're very happy," she said.

Homeowners such as Fozard may be fine with their decisions of a few years ago, but the inspectors who were pushed aside tell scarier tales, not surprisingly.

Gary Marsengill, owner of Absolute Home Inspections in Northern Virginia, said some sellers who waived inspections during the boom call him to inspect the house now, as they prepare for sale. Some houses are relatively clean, with minor cracks or deck flaws that aren't urgent. But others have wet basements or foundation problems.

Reggie Marston, owner of Residential Equity Management, an inspection company in Springfield, said the trend started in 2004, but accelerated in 2005 -- his business fell by 24 percent because it was so common for buyers to skip inspections that year.

"People didn't just waive home inspections, they waived termite inspections. They waived everything, including the kitchen sink," he said.

"There were a lot of consequences," he said. The worst case he has seen was that of a woman who bought a rowhouse in Northwest Washington for $80,000 more than the asking price. The back yard had elaborate landscaping and ponds, and the pressure of all the added fill dirt was causing the foundation to shift. The house had more than $30,000 in structural damage, including termite problems.

June and David Yoon bid on a house in Potomac in March 2004, before the house was listed. They were one of three families touring it before the price was even set.

June Yoon said their real estate agent told them: "Put a contract in tonight if you're serious about it." They estimated the listing price would be about $1 million, and so they bid $1.15 million. The seller accepted.

Yoon, a stay-at-home mother, said they were scared to waive the inspection, but that everyone else was doing so. The couple had previously owned a townhouse in Rockville, and she remembered the inspector found pages and pages of minor problems there.

Their five-bedroom house -- the couple have four children, ages 11 months to 9 years -- has had a number of post-purchase surprises. The first 18 months after they moved in, water leaked around the chimney because caulk was missing on the roof. The next spring, buckets of water poured through the drywall in the dining room, and they spent a few hundred dollars to repair the roof.