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Surprised to see this in the ‘Selling’ section? Read on…
Most real estate experts agree: buying or selling a home ranks among the most stressful experiences of adult life. It can get to the point of being an emotional battle of wills between buyers, sellers and real estate agents all wanting the best deal for the house. And, once that deal is negotiated and accepted, everyone can than sit back and plan their move…or can they?
The Problem
In almost all property transactions today there are still conditions to be met, even after the price and terms have been negotiated and accepted. Twenty years ago, it was very rare to see an offer on a property with a condition that the home be inspected by a professional home inspector. Today, it is very rare to see an offer that does not have this contingency.
How does this affect the home seller? Basically, it means that the home will be put under a ‘microscope’. A home inspector will go through the property, itemizing any and all of the home’s minor or major defects, and will report those findings to the purchaser. The inspector’s job is to carefully check the home’s structural and mechanical systems for problems that can lead to large repair bills later.
The home inspection is a critical part of the sale process. Nobody wants to buy a “bad” house. However, some buyers use the results of a home inspection as an opportunity for renegotiation, often requesting the homeowner reduce the sale price by a significant amount. This process can turn into a nightmare for an unprepared seller. Home inspections can cost home sellers thousands of dollars, and in some cases a failed transaction.
The fact is, no home is perfect. While most homes do not have major issues, even a few minor cause a buyer to request renogotiation, or even a complete release from the deal. While it’s possible that the inspection will reveal a large problem that nobody was aware of, often this occurs because the purchaser gets cold feet and a few minor deficiencies scare them away. Sometimes it’s just that the home inspector scared the purchaser by not explaining that the minor and typical problems are just that–minor and typical.
The last thing any homeowner wants in the ‘eleventh hour’ of the sale is a purchaser who wants to renegotiate the deal.
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The Solution
Many homeowners aren’t even aware of some of the problems that exist in their home. Having knowledge of these issues before an offer comes in gives you the opportunity to remedy some or all of them. Dealing with these problems beforehand will greatly reduce the possibilities of a buyer attempting to use any minor issues as a reason to ask you to reduce your price even further. Have your home inspected before you list it, and correct any problems before an offer comes in. This procedure usually costs only a couple of hundred dollars, and could be the best investment you make – it could save you thousands, and will put you in the driver’s seat when selling your home.
Tip: Many Realtors are now including this as part of their services – shop around!
Special thanks and credit to the wonderful Al Kroch of Royal LePage Partners for parts of this article.
