- Contact Info
Realtor/Broker NC/SC
704.651.3888
- Categories
- Real Estate News
- Buyer Info
- Seller Info
- Real Estate Investing
- Charlotte Area News
- Off-the-Wall
- NC Mortgage News
- Home Inspections
- Monday Mattoid Musings
- Archives
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- December 2007
- November 2007
- October 2007
- September 2007
- August 2007
- July 2007
- June 2007
- May 2007
- April 2007
Get Ready the Home Inspector is Coming
May 19th, 2007 categories: Buyer Info, Real Estate News, Seller Info
Home inspections - the bane of many home sale transactions. Any savvy home buyer will tell you gotta have ‘em. A savvy home seller will know it’s coming. So what gives? In my opinion the home inspection process might be the single most thing that people don’t stop and think about its ramifications. Most people, when they are about to sell their house, are completely focused on the price. That’s not wrong, but price doesn’t mean a whole lot if you can’t get to the closing table.
Here is a typical scenario in a sales contract implosion: Buyer and seller have agreed to terms regarding price, financing, etc. Inspections are scheduled in a week. The buyer is paying the inspector around $400. The inspector is going to find things - it is pretty much a given even in a brand new home. In today’s market the buyer is going to ask the seller to fix all the items listed in the inspector’s report. This list is going to include things all the way from a light bulb replacement to suggesting major structural repairs be evaluated.
Here’s where it gets exciting. The list of repairs is often very over-whelming to the sellers’ at first glance. There might be 50 items on the list, and no matter what they are, when sellers first see the length, pulse rates and blood pressure start increasing. The sellers say “…well that door has never latched perfectly..” “that window latches fine…what is he talking about..?”
The often maligned inspector also is forced to cover their backs from legal troubles by adding “appropriate comments” such as “professional door installer should repair”.
Toss into this mix emotions already on edge from testy price negotiations and boom..! If you are not careful, next thing you know the the deal has come apart and now you are in a debate over the earnest money deposit.
My purpose and point in all this, is to make you aware of a potentially major pitfall in the home selling process. I plan to do another post in a few days that will provide primarily sellers (and buyers, but to a lesser degree) some helpful tips on getting through the inspections and getting your house sold.