Whether you’re in search of a home or trying to sell one, you know the home inspection is a pivotal event. If the outcomes are good, the sale will likely go smoothly. If not, it may be dead in the water. So, what does that mean for you? Here’s how the outcomes of the home inspection can affect a pending sale for both buyers and sellers.
For Home Buyers
You’ve spent months searching for your perfect home. Your offer has been accepted contingent upon the outcomes of the home inspection. And now you’re about to hear how the inspection went. It can be a nerve-racking moment. And because no home is perfect, your home inspector will find defects. Some, however, are worse than others. What will you do after you get the report?
If the defects are relatively minor and inexpensive, for example, fixing a downspout, repairing a light switch, or replacing a broken ceiling fan, you may simply decide to ignore them and proceed with the purchase of the home as-is. You can ultimately choose to fix the issues or not, and the work will be under your control and in your preferred timeframe. This path can get you into your home more quickly and with less stress.
For bigger, higher cost defects, like a worn-out water heater, roofing repairs, or non-working kitchen appliances, you’ll probably want to reconsider your offer. You can ask the seller to remedy some or all of the issues. You can request financial concessions, for example, closing cost credits or a reduction in price. You can also negotiate for a home warranty to cover repairs to major appliances for a period of time after the sale. The seller will either accept your proposal, counter it, or decline it altogether, in which case you’ll have to decide whether to buy the house as-is or walk away. Ideally, you can come to an agreement and move the sale forward.
In some cases, the news is terrible — there’s water damage, foundation problems, mold, or faulty electrical components, for example. These are high-dollar defects that involve major repair work to core elements of the home. Think carefully about whether you want to purchase a home with major issues, like these. You can try to renegotiate your offer — either through repairs or financial concessions — but some home buyers decide it’s not worth the risk.
If you are able to come to a final agreement with the seller, congratulations! Keep in mind that if it involves the seller making repairs, make sure you have the work inspected to ensure it was done properly, and get copies of all contracts and receipts. You’ll soon be moving into your new home.
For Home Sellers
The home inspection is also nerve-racking for you! Defects can delay the sale, affect it financially, or derail it altogether. To be prepared, consider having a prelisting home inspection. This gives you the information you need to make repairs or at least note them before the buyer sees the property.
It’s also valuable to go as far as getting quotes from contractors for the repair work. When the inspection report describes the defects, you’ll already have the cost estimates in your back pocket to help negotiate whether you’ll make the repairs or credit cost to the buyer in the deal.
The Bottom Line
In the end, a successful deal depends on a high-quality home inspection by an experienced home inspector. This lays the groundwork for a good faith negotiation between the buyer and seller. We hope you’ll consider Stonebriar Property Inspections when it’s time for your North Texas home inspection.
Image Credit: mohamed_hassan via pixabay
About Our Licensed Dallas Home Inspections
At Stonebriar Property Inspections, Dallas home inspector Keith Boggs proudly provides quality home inspections throughout North Texas seven days a week, including evenings and weekends. Contact him at (214) 923-7304 or [email protected].
- Licensed and insured – Texas Real Estate Commission license #9867. TDA licensed termite technician #0572333. PestGo Pest Control LLC TPCL #0770368
- Rated an A+ with the Dallas Better Business Bureau
- 5 out of 5 stars on 99% of customer reviews
- The most comprehensive home inspections available
- Friendly, down-to-earth service from someone you can trust
In the end, you will feel prepared and not scared.
