I never knew that!
Congratulations! Now that you have an accepted Purchase Agreement, the buyers will most likely have an inspection done on your property. The purpose of the inspection is to reveal any Mechanical, Structural, Health or Safety conditions in the home that were not visible during the buyers showings.
The inspector is a state-licensed professional who has been trained on the structural and mechanical components of the houses in our area. He will go through the house from roof to foundation and from attic to basement following an extensive checklist of items recommended by the American Society of Home Inspectors. He will rate the condition of every item on the list and add comments and photos for items of concern and present his findings to the buyers.
Depending on the age of your house, it is not unusual for the inspector to discover electrical issues, plumbing issues, HVAC issues, mold or radon, or damage from insects. You will be surprised how many things come up on the inspection report that you have lived with for years and either ignored or never knew the item was in need of repair.
Once the buyers receive the report, they will identify the Mechanical, Structural, Health or Safety defects that could impede his/her quality of life in the home. These items are items that the buyers may ask you to correct before closing. And, the good news is, nearly every issue can be resolved quickly.
They want what?
When you receive the inspection response from the buyers, they are asking for you to make repairs or replacement of items discovered during the inspection. Typically the buyers will ask for you, at your own expense and with professional contractors, to make the repairs prior to closing. But every situation is unique and, depending on the timeline, the buyers may just want a discount on the purchase price or a pre-paid check made out to a vendor at closing to make the repairs themselves after they take possession.
You have the right to negotiate their inspection response. You may want to oblige and complete all of the items on the list or you may want to only complete some of the tasks. You can even decline any additional repairs. It’s totally up to you. I will help you evaluate the total purchase package and help you determine what makes the most financial sense for your situation.
It’s important that you know that how you handle the inspection response can make or break the sale of your home. If the buyers don’t like how you respond to their inspection response, they may walk away from buying your house. It’s a tricky part of selling a house and there is no right or wrong way to proceed. It really comes down to your individual situation and your goals and I am here to help you navigate the best solution. In fact, I never consider a house sold until we get past the inspection negotiation!
And when you have an accepted Inspection Response, you can breathe a sigh of relief, because this house is all but sold.
Now that you have agreed with the buyers as to what you are willing to do (if anything), we just need to figure out who is going to fix these Mechanical, Structural, Health or Safety issues and when they are going to be fixed. I have an extensive list of contractors who can help us get through the inspection items in a timely manner and deliver high-quality work.
Going through the inspection and the inspection response negotiation can be an emotional roller coaster and sometimes it is really nerve wrecking. Know that I am here to guide you and help you through this part of the process. I’m happy to answer any questions you have!
Next stop is the final walk-thru and closing! We’re almost there!
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