When you are close to closing the deal on your home, one of the contingencies that need to be met is the home inspection. In fact, some sellers get a pre-sale inspection report long before they start entertaining offers, as this gives them more time to make necessary improvements early.
In order to keep your home sale from being derailed, it is imperative that you understand the home inspection. Who gets the inspection done? Can buyers trust your home inspection report? And what happens if you get a bad inspection report or if your report is refuted by the buyer’s inspector?
Who Does the Inspection?
Both parties typically get an inspection done. It makes sense. As the seller, you want to know what problems could complicate your sale. Plus, you want to know what repairs need to be done so you can get the most value for your home.
The buyer wants to make sure that they are not putting all of their hard-earned dollars into a money pit. They are not going to rely on your inspector’s report alone, nor should they. When both parties do an inspection, it protects both sides. But it can also create problems if the reports have conflicting results.
There are many ways to resolve those disputes that will not derail the transaction. In order for that to happen, both parties have to be willing to compromise:
· You can bring down your asking price to account for the recommended repairs.
· You could split the costs of the repairs with the buyer.
· You could get a third opinion from a neutral party.
Is Your Inspector Trustworthy?
The worst thing that can happen when there are conflicting reports is for trust to deteriorate. You can help avoid that by choosing a home inspector that is trustworthy, not just one that will give you a good report. Face it, even if they give you an artificially glowing report, the truth will come out in the end.
When a deal breaks down over the home inspection, inflexibility and a lack of trust is typically the culprit. If you are not willing to negotiate on the price when problems show up on your inspection report you are setting yourself up for a rough close at the very least and a busted deal at worst.
· Check the qualifications of your home inspector.
· Ask your agent to recommend a good inspector.
· Seek referrals from friends, family, and neighbors who can recommend a trustworthy inspector.
What Happens When You Get a Bad Inspection Report?
First of all, don’t panic. Take the case of a couple whose home inspector reported that their furnace was condemned and had to be replaced. That repair would have cost the couple thousands of dollars. Moreover, the report naturally made the buyers nervous about closing the deal.
What did the sellers do? They got a second opinion from a contractor who completely disagreed with the first inspector and declared the furnace fit. The buyers did not know what to believe so the seller called in the gas company to inspect the furnace – a neutral third party. When the gas company found nothing wrong, the buyers were satisfied.
Inspectors are not perfect. They can get it wrong sometimes. The best approach to take to the entire home inspection process is to be flexible, willing to compromise, and get a second or even a third opinion if necessary.
Lean On a Pro
A qualified agent can help you better understand all of the ins and outs of the home inspection process. Are you searching for a home inspector? Lean on a pro! Contact Premiere Properties today to learn more.