How To Handle A Home Inspection When Selling
One of our readers asked:
I have my home on the market. Listed it in December and I have an offer pending, but I’m worried I might lose the borrower. We had the home inspection completed after we accepted the offer and now the buyer is asking for repairs, and there are some issues with getting the roof certified. I wasn’t planning on this sudden expense! How can I get around this?
This is a great question and an issue that we encounter frequently. Inspections are an important issue when it comes to closing on time and getting funding to close the transaction. Once you’re under contract, you may be faced with either making the repairs or losing the buyer; however, if you’re planning on selling, there’s a lot you can do to prepare in advance.
As soon as you’re thinking about listing your home, order your own home inspection. This will help you find out the objective condition of your home and any technical issues with the roof or other aspects that might limit financing potential or throw the deal. Many loan programs and insurers require that the property be in safe and livable condition to qualify. Our best advice is to be proactive and make repairs before the buyers ask, especially if you want the best price for your home.