For sellers looking to make the most money possible on the sale of their property, it pays to invest in prevention.
One of the biggest and most difficult to forecast expenses is the financial settlement of inspection items. Imagine that you receive an offer 5% above your asking price. The buyers are well-qualified, and everything is going along smoothly, until…
The buyer and his/her licensed inspector scour your house from top to bottom. The resulting inspection report reveals all manner of fun facts about the place you’ve been living in for years. Mold in the crawlspaces. Nob and tube wiring in the attic. Pest infestations in the eaves. A faulty pilot light in the furnace.
News to you? Not anymore.
Now you know, and, more importantly, your buyers know as well. They will want to seek redress and they will have every right to do so. Keeping this deal on track will probably call for you to dig deep financially. Suddenly, you go from a proud homeowner to feeling betrayed by your own house.
However grim this scenario may seem, there is a way to avoid it. Prior to putting your house on the market, hire your own licensed inspector and complete a pre-sale inspection. This will enable you to get in front of any unknown issues and address them on your own terms. Even if you chose not to do anything about them you can make an informed decision about it, rather than getting caught off-guard by the buyer.
Though as the seller you will have to pay for the pre-sale inspection, the preventative value will likely work in your favor. Buyers tend to inflate overall inspection requests when they are made aware of mold, pests and safety concerns. By keeping those items from appearing on the buyer’s inspection report, you stand a much better chance of maintaining smooth negotiations and ensuring the transaction stays on course.