So you've got a buyer for your home. That's great! Now for the step that puts both buyer and seller on edge, the home inspection.
What can you do to lessen the anxiety? We've got some very valuable tips that will let you sleep at night and close on time!
This can cause panic, also known as buyer's remorse, and that's not good for anybody. Sellers, on the other hand, know that there is nothing structurally wrong with the home. It's simply a repair they neglected or overlooked.
The big question is, "How do you keep this from happening?"
To avoid having to possibly negotiate on your price to cover the cost of the repairs, the best answer is this, "Prepare for your inspection!"
#1--Get Your Own Home Inspection Before the Listing
Be proactive! Before you list the property, get your home inspected! Find out what needs to be repaired, then get cracking.
Think about it. Resolving home repair issues before you list your home for sale will save you in the long run.
Reduce the possibility of a buyer wanting to negotiate a repair credit. With a pre-listing inspection with a reputable home inspection company, you can know in advance potential problems.
Then get them resolved. No need to fret! Sleep well at night.
#2--Handle Your Own Small Repairs
Why offer a monetary credit at closing to cover the cost of small house repairs? Fix them yourself. For example:
- Masonry-Check foundation, chimney, and entry steps. Replace cracked tiles. Repair fencing.
- Doors and Windows--Fix weatherstripping. Re-caulk, if needed.
- Roof and Trim--Clean the gutters. Replace missing shingles, Repair any rotten wood around the roofline.
- Heating Systems--If the heating system needs cleaning or repairing, do it! Same for fireplaces, chimneys, and wood stoves.
- Plumbing--Leaky or dripping faucets have to go. Service water filtration systems.
- Electrical--Light fixtures and outlets must be fully functional. If not, make the repairs.
- Smoke Alarms--Make sure they have good batteries, as well as carbon monoxide sensors.
If the repairs can be checked off your list in less than a week, then go for it. It's definitely less costly than having to give a buyer credit on the price of selling your home!
#3--Push for a Price Reduction or Closing Cost Credits
If you don't do a pre-home inspection to avoid the hassle of negotiating with a buyer, then push for a credit on the closing costs. Or agree to a price reduction.
This will keep the real estate process from bottlenecking, forcing a delayed closing.
#4--Follow the Advice of Your Realtor
Realtors handle home inspection negotiations as part of their job all the time. Listen to their advice. They will be able to advise you on how to handle the results, especially when the inspection is not favorable.
The long and the short of it is this.
Buying a home is one of the biggest investments a person will make in life. That means the playbook and the rules are bigger.
Anything you can do to reduce the pressure and legal expectations of selling a home places you in an immediate advantage. That's why a pre-inspection is so valuable.
Additionally, it shows a potential buyer that you stand by the value of your home. And to a qualified buyer, that's priceless.
When you're ready to close on your new home, consider allowing us to do the closing. We not only do closings, we also offer the best title insurance for your home. Visit us on the web to learn more about us!