Home sales are easy right? As long as a buyer and seller agree on a price, a house sale is a done deal. Isn’t it? Okay, don’t leave the blog right away and write me off as a bumbling idiot. I know it isn’t that cut and dry.
Many sales, in all actuality, are the result of weeks of negotiations, and even after the funds are in escrow, there might be some haggling going on. This occurs in some markets more than others, but there is always a chance that a deal can be cancelled within the 10 day inspection period. Both buyers and sellers can benefit from a professional home inspection, and it can help make the sale go more smoothly. Regardless of the side you’re on, there are a few things you can do after you have your home inspection report in hand.
As a Seller
A negative home inspection report is not always as bad as you might think. When some problems are uncovered, there is always room to negotiate with the buyer. The report will prevent you from facing legal action due to problems that were not disclosed because they were right there in my legible handwriting. It may be possible to work out an arrangement where you help with the repairs or knock a few dollars off of the sale price. This will put aside any legal responsibility you might have for future issues in the home.
The flip side of the coin is that carrying out repairs based on an inspection can help to boost your asking price. It is a good idea request a home inspection before you put the house on the market so you can be prepared with answers potential buyers may ask or if they ask to see an inspection. You can make repairs or modifications depending on which ones will give the highest return on investment. Keep in mind that most buyers expect to do some work on a home after purchasing it, but no one wants to jump straight into major repairs for damage that wasn’t disclosed during negotiations.
As a Buyer
As a rule, it is best to get your own home inspection before signing on the dotted line. It is possible that there could be small differences between the one you get and the one provided by the seller, especially if two different inspectors view the property. If the report reveals any problems, you will have to think about a few things.
The first thing you will want to attempt is negotiating repairs or reduced price. Even if they offer to reduce the price, you will have to decide if it makes sense to take on the repairs yourself. Can you realistically budget for this expense, or will you need to get a loan that goes over and above the mortgage amount? Sometimes there may be a significant reduction in the asking price, which will make your decision easier.
Either way you look at it, a home inspection report is always a good thing. It puts both the buyer and the seller in a better position to work out a mutually beneficial deal. I you are looking at buying or selling a home in the Gilbert area, give me a call so I can inspect it and determine whether there are hidden problems.