Yay, you’ve finally found the perfect house and you’re ready to put in an offer.
What’s next in the home buying process?
Home Inspection
Well, before making an offer consider a home inspection as soon as possible. Why? A home inspection outcome can affect a sale – good or bad.
If you haven’t considered a home inspection you should, and chances are good your real estate agent will tell you it’s an important part of buying or selling a home.
The Home Inspector
During the home inspection process, a professional with a home inspection license will go through the home and report any potential issues which may result in how a home inspection outcome can affect a sale.
The home inspection is a comprehensive review based on a visual evaluation and testing of the home’s systems and components, this is how a home inspection outcome can affect a sale.
Once complete, the home inspection report will be produced, detailing the current condition of the home and tells buyers and sellers about any major issues.
There is also the home inspection contingency which can be added to the offer contract -- this lets the buyer conduct an inspection and then back out of the deal if they’re not happy with the findings. Another way how a home inspection outcome can affect a sale.
Occasionally buyers may waive their right to an inspection to make their deal more appealing to the seller.
Typically, the buyer pays for their inspection and can use a licensed home inspector of their choosing. Keep in mind there are many reasons why and how a home inspection outcome can affect a sale.
However, sellers who may be concerned about what might be found in an inspection sometimes opt to pay for their pre-inspection.
The best possible outcome of a home inspection is there are no issues, no problems, no surprise, a good reason as to how a home inspection outcome can affect a sale.
Yes, this is wonderful news because the home is in the best possible shape. Usually, when a potential buyer chooses to undergo a home inspection process, they already possess confirmed interest in moving forward with a purchase. Truly a good show of how a home inspection outcome can affect a sale. The sale moves from being a possibility to a highly likely outcome and everyone is happy.
Minor Issues
While a long list of minor repairs might disenchant a potential buyer, it is not a deal-breaker.
Minor issues might be as simple as a leaky faucet or a failing window seal. It is standard for a potential buyer to ask the seller to repair these issues before proceeding with a contract. At that point, it is then up to the seller to do decide how a home inspection outcome can affect a sale.
There are some cases where it is in the best interest of the seller to agree to these requests and have the minor repairs taken care and let the sale proceed. Another reason as to how a home inspection outcome can affect a sale.
Major Issues
It is a must that any seller discloses any known issues to the buyer. However, it is possible issues exist that they may not know about so be aware of how a home inspection outcome can affect a sale.
Major issues that could negatively hinder a sale include how a home inspection outcome can affect a sale:
· Wiring not up to code
· Mold and/or Asbestos
· Foundation issues
· Termites and other pests
· Full roof replacement
When these problems happen, do not stress. As with minor issues, the buyer has the option of requesting repairs or simply walking away, and the reason why you should know how a home inspection outcome can affect a sale.
Problems that a seller was not aware of can be talked about and that will help with pushing the sale forward during this learning period of how a home inspection outcome can affect a sale.
Seller
As a seller, it’s important to prepare for the home inspection process and to know how to negotiate after a home inspection if it comes back with bad and/or unexpected news as you learn about how a home inspection outcome can affect a sale.
If you want to know how long does a buyer have to request repairs from a home inspection?
Again, it depends on the market and the specific contract. Usually, the 5-10 business days allowed in the contract include conducting the inspection and requesting any repairs in writing. Be sure you know how a home inspection outcome can affect a sale.
Attending the Home Inspection
If you’re selling your house on your own, then it makes sense for you to attend the home inspection. If you’re working with an agent, it’s best to have them attend on your behalf.
There are a few reasons home inspections fail and how a home inspection outcome can affect a sale.
Sellers are often caught by surprise when a buyer’s inspection report comes back with a long list of repairs, even if the home isn’t very old.
Here are some of the most common major issues that come up during inspections and how a home inspection outcome can affect a sale:
Roofing issues: Roofing troubles can range from a few missing shingles to leaks or soft spots, or even a full roof replacement if the roof is old or failing.
Electrical problems: The most common electrical issues include wiring that’s not up to code, frayed wiring, or improperly wired electrical panels.
Plumbing issues: Leaky pipes (and resulting water damage), failing water heaters, and sewer system problems are the most expensive.
Foundation problems: Cracking foundations, settling, and basement water damage can be costly repairs.
Termites and pests: Termite damage, and the presence of other pests or vermin, can be a huge red flag for buyers.
Mold: Mold issues are a typical problem, especially in wet or humid climates, and repairs can be major.
Window and door issues: Failing window seals, windows and doors that don’t open and close properly, or broken panes are often found by inspectors.
Asbestos or lead paint: This is a serious issue and one you should be especially cautious of if you’re selling an older home. Many contracts have certain requirements related to asbestos and lead paint, so be sure to disclose all you know.
Chimney damage: Old chimneys can be a safety hazard, and often need to be removed if not in working order.
Get What you Pay For
While a bad home inspection report isn’t what any seller is hoping for, the good news about the process is that because of the inspection, the buyer knows what they’re getting into and has the chance to ask for repairs or walk away — both actions that protect the seller from future liability.
Don’t panic if you receive a bad home inspection. Reasonable buyers will understand that no home is perfect — not even new construction. And remember, they want to buy your house, so, they should want to move the deal forward as much as you do. Make sure you know how a home inspection outcome can affect a sale.
As a seller, you have a few options and should pick your course of action based on what makes the most sense for you financially and for your local real estate market.
Options When A Bad Report Happens
Make the repairs: If you feel that the repair requests are reasonable and you can afford to complete them, this is the best course of action when you learn how a home inspection outcome can affect a sale.
You’ll want to keep the deal moving forward if possible, since if the deal does fall apart, you’ll have to disclose the findings of this first report if you re-list your home, and you could risk scaring off a future buyer.
Give a credit: Buyers are often happy with a repair credit. But even though you won’t be completing the repairs, you’ll still want to get quotes from a contractor so you don’t offer a credit that’s too high.
Sell “as-is” and lower the sale price: Selling a home as-is with a lower sale price can be a good option if you can’t afford to do the repairs or if you’re in a rush to sell the property.
Offer a one-year home warranty: Purchasing a home warranty for the buyer an excellent offer. It will only cost you min8mal and it gives the buyer peace of mind if any issues arise in the first year after closing. This is also appealing for inspection findings that aren’t necessarily failing items, but aging systems that will need to be replaced within the next few years.
Barter: You can always offer to barter with other items such as furniture that weren’t included but the buyer might want, or appliances you weren’t planning on leaving.
In the end, make sure you have everything up to par and you are transparent when selling your home, and know how the outcome of a home inspection report can affect the sale of your home.