It can be a huge relief to finally make an offer or receive an offer on your listed home. Duke Warner Realtors know that even though it can feel like a big step in the home hunting process, nothing is over until it’s over. When money has changed hands, all paperwork has been signed and filed away, you can finally celebrate and breathe a sigh of relief.
One of the biggest steps to selling your home can be the home inspection. This can either help or hurt the price of your home, as some buyers use it as a negotiating point. If an inspection comes back with unexpected results, negotiating can become tricky, so we have some tips to help streamline the process and reduce your stress!
Houses Aren’t Perfect
If you’re expecting a perfect report back from the home inspector, you might be in for a rude awakening. No homes are perfect, and most inspections come back with minor fixes and notes. A good inspection will still include some changes.
Negotiating after an inspection can either be easy or one of the most stressful parts of buying or selling a home. The most important part of negotiating after an inspection, is to be prepared for a honest report. After that, you can only move forward with negotiations.
If you want to be proactive about an inspection, you can do some prep work to save you a headache later. Be sure you take care of the issues in your home, that you already know exist. Fix that back deck or walkway, or missing tile in the shower. The best thing you can do with buyers is be honest. If you know your roof will need replacing in the next year, it might be best to be upfront with that information.
If you’re house hunting, you’ll want honest sellers, so why not be an honest seller yourself. If you take the time to fix things that could come up in a home inspection, you could be stopping problems before they’re even started. Some problems can cause more trouble than they’re worth, and could affect your selling price, simply because the fix was left for an inspector to find.
No home inspection report is going to come back perfect. Inspections should be used for buyers to renegotiate for major things, like repairs to major systems in your home, like electrical or plumbing issues or roof or foundation issues.
Inspections shouldn’t be used by the buyer to get a better price on the property. The purpose of an inspection is to uncover major problems with a property. These defects could cause a buyer to reconsider the property, or renegotiate. Buyers and sellers should reach an agreement in most cases, with necessary items repaired before the sale is final. And sometimes the price is changed to account for the cost of certain repairs.
If your inspection reveals something that the buyer is pushing to be fixed, there are things you can offer them. You can suggest a price reduction or a closing cost credit, rather than fix it yourself. A closing cost credit would credit the buyer the money it should cost for the repair. If a potential buyer wants repairs done, they may have opinions on the way the work gets done. It can save time and money to have the buyer do the work themselves, and hire who they prefer. This is why it can be best to credit them for the repairs in the price of your house, rather than fix it before the property is theirs.