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3 Home Inspection Outcomes for a Seller

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.

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.
oll Free: 1-877-837-3603
Email: Daniel@MrHomeInspectorLtd.com
Tibor Bogdan & Associates
*Personal Real Estate Corporation
Sutton Showplace Realty
cell: 604-855-2521
TF: 1-877-858-2408


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What is a pre-sale?

Example scenario: When the developer intends to build an apartment building and applies for financing, the bank will grant financing under certain conditions. One of them will likely be a certain percentage of pre-sales the developer will need to secure before receiving the funds.
It is common practice for a developer to approach several real estate investors and offer them an opportunity to purchase units of the non-existent building at a discounted price, and on good terms.

Once the number of pre-sales is accomplished, the developer goes ahead with the construction, which will likely take two years or longer to complete. During construction, their marketing team offers the remainder of the units for sale at market value to the public.

If you are a RE investor, you know that it is preferable to be buying at the pre-sale prices, not market value prices.

The question is, how do you get the invitation to buy a pre-sale?
In the past many years, investors have made substantial income by buying at wholesale prices and selling at retail prices even before they needed to complete their purchase. I saw many of them lining up and sometimes even camping overnight in front of the sales center to get a chance to buy at lower prices, but not everyone was lucky enough. You needed to be well-connected to get an opportunity, and you had to act fast.

Today is a bit of a different story. Several projects in the Lower Mainland and Fraser Valley offer really good prices and incentives to secure a unit now and complete the purchase two or three years later. The list of incentives varies from one project to the next. Besides attractive prices, you can get low deposit amounts (5-15%), low or no assignment fees, free updates, a mortgage rate buy-down program, extra parking and more.

A month ago, I helped a few of my clients purchase a presale in Surrey that sold out in 2 days, and I know of another good developer that will be offering a few units for sale as well.

If you would like to know more about these opportunities, I would encourage you to call or email me, and I’ll be happy to send you details on those projects.
Kind regards,
Tibor Bogdan
Century 21 Creekside Realty Ltd.
45428 Luckakuck Way #190, Chilliwack, BC V2R 3S9
cell: 604-855-2521
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