You Finally Sold Your Home
Your home was on the market for several months and now you finally have a buyer. At least you can relax now. It is only a few days and they will close on the home and you can go on with your life. Nothing can go wrong at this point.
Only problem is that the buyer had the home inspected and problems were discovered. What now?
Basically you have 3 choices:
1. Scramble to find someone to repair the issues from the inspection.
2. Lower the price so the buyer can make repairs.
3. Tell the buyer that you sold the home "As Is" and they need to repair things themselves.
None of these options are very good. The problem with option 1 is that on short notice, if you can find someone to make the repairs, it will cost you a fortune. Plus you may have to postpone the closing to get time to have the repairs done. If you choose option 2, you probably have already reduced the price and now the buyer is going to want $5000 off the price to repair something that you could have done for $1000. If you choose option 3, in this market you will probably loose the sale and have to start all over again.
How could this have been avoided?
At the time you place the home on the market, have it inspected. Most likely the inspector will only find small maintenance items and these can easily be disclosed. If a major item is discovered, at least is was found early and you have time to decide how to deal with it. Unless the home is a "fixer upper", you are probably better off to have the item repaired. the good part about discovering it early is that you can take the time to shop for a contractor to make the repair. That way you can get the repair completed at a lower price. The other choice is to consider disclosing the item and letting the buyer know up front the they will be responsible for the repairs. (It is a good idea to discuss this with your Realtor to see if this is going to impact the price you will get for the home).
But you might say, "the buyer is going to get the home inspected anyway, won't their inspector find something else?"
They might. Just like anyone else, no two inspectors are going to look at things quite the same. However, their inspector will probably only find some minor items that are easy to deal with. At any rate, you will only be dealing with a few little things instead of a bigger list. You may even find that your inspector can help you dispute some of the items mentioned by the other inspector.
However you look at it, you win.
You may want to take a look at Move-in Certified
Take a look at some of the links at the top of this page for more information.