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Peter's Free Program Can Save Home Sellers Thousands of Dollars
Most real estate experts agree: buying or selling a home ranks among the most stressful experiences of adult life. It can get to the point of being an emotional battle of wills between buyers, sellers and real estate agents all wanting the best deal for the house. And, once that deal is negotiated and accepted everyone can sit back and plan their move, or can they?
In almost all property transactions today there are still conditions to be met even after the price and terms have been negotiated and accepted. Twenty years ago, it was very rare to see an offer on a property with a condition that the home must be inspected by a professional home inspector. Today, it is very rare to see an offer that does not have this contingency. How does that affect the home seller?
Basically it means that the home will be put under the microscope. A home inspector will go through the property, itemizing any and all of the home's minor or major defects, and will report those findings to the purchaser. The inspector's job is to carefully check the home's structural and mechanical systems for problems that can lead to large repair bills later.
The home inspection is a critical part of the sale process. Nobody wants to buy a "bad" house.
However, some buyers use the results of a home inspection as an opportunity for renegotiation, often requesting the homeowner to reduce the sale price by thousands of dollars. This process can turn into a nightmare for an unprepared seller. Home inspections can cost home sellers thousands of dollars and in some cases a failed transaction.
No home is perfect. Many homes may not have major problems, but even a number of minor defects can give rise to a buyer's request for an abatement (a reduction in the sale price) or a complete release from the deal. Sometimes it's because the purchaser gets cold feet and a few minor deficiencies scare them away. Sometimes the inspection reveals a bigger problem, with the house that nobody was aware of. Sometimes it's just that the home inspector scared the purchaser by not explaining that the minor and typical problems are just that - minor and typical.
The last thing any homeowner wants in the eleventh hour of the sale is a purchaser who wants to renegotiate the deal.
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Copyright ©2007 Peter Kunz. All rights reserved. |
Royal LePage Partners Realty is an independently owned and operated brokerage. |
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