The majority of home buyers request a home inspection prior to purchasing the house. Most of those homebuyers will request repairs or concessions after receiving the results of the inspection. As a seller, it is vital to prepare yourself for the inspection. Some sellers that did make a sale found out that 15% of the buyers refused to purchase the house after receiving the results of the inspection report.
What is a home inspection?
A home inspection is a review of the house for sale based on the evaluation of the house’s systems and elements. The home inspection report analyzes the present condition of the house. The reason homeowners request an inspection is to save money on fixing the house and also save money on overpaying for the home.
Usually, the buyer will compensate for the inspection report by an official home inspector of their choice. The seller has an opportunity to pay for the pre-inspection to get a better idea of how to price the house, but the pre-inspection must be reported to the buyer. The timeline of the buyer’s inspection is typically between 5-10 days. The seller is advised to be present at the home inspection. What fails a home inspection?
The main reason home inspections fail is due to several factors. Roofing issues are a factor because there could be some missing shingles, leaks, or soft spots depending on how old the roof is. Electrical problems could occur on the report if there is frayed wiring or if the panels are wired inadequately. Plumbing issues might show on the report due to water damage, leaky pipes, and sewer issues.
Foundation problems can happen if it cracks. Termites and pests are a big issue, and that can cause the inspection to fail. Mold is a common issue that occurs in homes typically in humid areas. Other issues that might pop up on the report are window, door, paint, or chimney damage. If the homeowner is looking at a house and sees that the windows or doors don’t open and close properly, then there is an issue. Also, paint that is falling apart is not pretty and old chimneys are a safety risk. What will happen after the house inspection?
After the house inspection, repairs might be requested. As the buyer, they can request a credit or concession which will cover the cost of the repairs. Not only will it decrease your net profits, but it will also not change the asking price of the house.
This option is very well known for buyers who want to fix the repairs themselves regardless of how major or minor the issues can be. The questions that the sellers should ask themselves are which improvements are mandatory and how much will it cost?
It’s important to prioritize the improvements that might be a safety hazard. Also, receiving three different quotes on the repairs of the home the seller is putting on the market is vital as well. It is also important for the seller to consider if the repairs are negotiable or worth their time.