When selling your home the outcome of the home inspection can make or break the deal. The home inspection fully informs your prospective buyer about the state of your property and makes them aware of any issues they may inherit upon purchase. Here's a look at three potential inspection outcomes and what each one means to you as a seller.
3 Home Inspection Outcomes for a Seller
All Clear After a detailed inspection of all the key parts of your property, the inspector may give you a clean bill of health. This is the best case scenario because this means that your roof, foundation, and electrical are all in good shape. As well as no damage from water leaks were found. This means that the sale can proceed as planned. The original offer that you accepted on your home stands. This is the quickest route to your closing deal. If your home is newer or well taken care of, you can hopefully expect this result. You'll get the best price for your home.
Request for Repairs In some cases, the inspector's report comes back with some minor to moderate issues which may affect the sale. For example, a hot water heater may have a leak or there may be cracks in your drywall due to settling. In this scenario, the buyer returns to you with the inspection report and asks that you make the necessary repairs before the deal proceeds. At this point, you have the option to walk away from the buyer; but it's not usually advised that you do so unless there are other issues at hand. Typically, sellers will simply proceed with whatever work needs to be done, as noted on the inspection report, so the sale can move forward.
Price Negotiations If the issues revealed by the inspection are severe or there are numerous, the buyer may want to negotiate on price rather than have you completed the repairs. In this case, they acknowledge that they will have to shoulder the burden and cost of the work - so as compensation, they may ask you to reduce the sale price of the home.
Again, you can walk away at this point if buyers are being unreasonable. However, if you feel the request is fair, you can negotiate an agreeable price reduction. This can be a wise choice if the updates needed require custom design choices like new appliances or flooring. Now that you know what to expect, you can head into your home inspection feeling confident and prepared for any outcome! If you are unsure what the inspection may come back you are able to have a pre-sale inspection done on your property prior to listing your home. This will ensure you will get the best price for your property.
Article by Mr. Home Inspector Ltd. T
oll Free: 1-877-837-3603
Tibor Bogdan & Associates
*Personal Real Estate Corporation
Sutton Showplace Realty