It is not required, but it is strongly strongly recommended and all buyers should definitely invest a few hundred dollars in a home inspection for a property they are intending to purchase, as it could uncover major problems that could be wrong with the property that you would otherwise not know about, which would then give you the opportunity to re-negotiate with the seller or back out of the deal if you did not like what you found. If you waive your inspection contingency and purchase the property without having a professional inspection of the property, you would then be responsible for fixing anything discovered later, which could potentially cost thousands if not tens of thousands of dollars or more. It is in every buyers best interest to have an inspection done.
Hope this helps.. Good luck!
Coldwell Banker Residential Brokerage
15490 Ventura Blvd.
Sherman Oaks, CA 91403