Let us begin by saying we always advise getting a home inspection.  

Simply put, while we are able to identify most items in need of repair during a showing with you, we aren't able to go  up on roofs or in attics like an inspector will, nor do we have equipment to test furnace emissions, etc.  

Given that, in a multiple offer scenario this is often a move employed by some buyers to gain an advantage over their competition.

 So, let's discuss what waiving an inspection is, along with different varieties of inspection changes.

 What is waiving a home inspection?  Essentially, this is where you as the buyer waive your right to conduct a home inspection, leaving no ability to renegotiate terms on a sale, or back out of a sale.

You can do an inspection "for information purposes only" where you do an inspection, but waive any ability to back out or renegotiate.  This will help educate you on items that do need repair, to help plan and budget.

You could do a "pass/fail"  inspection where you conduct an inspection, but decide only to move forward or back out of the deal, with no renegotiation.

You could simply waive it altogether, and thereby taking it "as-is" and moving forward.  This can be good for a home that you plan on doing a significant renovation, or if you're a builder, contractor, etc.  (least common)

Lastly, you can do a regular home inspection (costs begin usually around $450+) and allow for possible renegotiation and/or termination, which is a standard 7-10 day inspection contingency period.  (most common)

 As a reminder, it is always in your best interest to do an inspection.  

You can change the terms and the language of the results of the inspection, but these are the common methods we see today in the competitive buyer market out there.

Sellers love offers with no/low risk to renegotiate, so including some of this language can give you a big advantage in the offer selection process.

Remember, there is no such thing as a State of MI licensed home inspector!