Top 10 Inspections that Cause Seller Headaches when Selling a Home
Once under contract, the home buyer has the right to inspect a home before moving ahead with the purchase. This inspection is normally performed by a licensed home inspector or maybe a general contractor who the buyer knows and trusts. During the inspection, the house is examined from top to bottom and from all points in and outside of the home. Buyers use the inspection to determine if there are necessary issues with the home to be addressed prior to the final closing.
Home Inspection can End a Contract
Once completed, the inspection report will inform the buyer of all the observations made during the review. A well qualified home inspector accounts for the all aspects of the home. From the top of the roof down to the basement. Every wall plug and switch is tested along with the faucets and drains. Cracks, gaps, peeling paint, sagging ceilings, broken knobs, doors and windows will all be on the report. And the report is for the buyer to decide how to proceed with negotiations on corrections or cancel the contract all together.
Top 10 Inspection Points that can affect the Sale of a Home
- Doors and Windows
- Electrical and Plumbing
- Heating and Cooling
- Peeling Paint, Broken or Missing Flooring / Boards
- Lead Based Paint
- Termite or Wood Rot
- Structural Issues
Water and Septic Inspections
These apply only for homes that have either or both. A buyer using a government insured loan (e.g. FHA or VA) will be required to conduct these inspections and submit the results to the lender. For those loans, the lender can either deny the loan or require corrections made before proceeding (but still no guarantee of a loan being approved).
Avoiding Inspection Failures when Selling a House
Make the repairs before trying to sell the house. You will need time, effort and money to get the work done. Be sure to use licensed contractor(s) and, if required, town permits. Non-permitted work can also affect the sale of the house. Once work is completed and the permits are cleared and closed out, the house is ready to be sold.
Consider Alternatives if Selling a House with Home Inspection Failure Concerns
- List the house “as-is” on the MLS. Your real estate agent will explain how it eliminates your need to do any of the work.
- Get a contractor who agrees to defer payment by putting a lien on the house. Contractors are paid from the proceeds of the sale, not before.
- An easier alternative is to sell the house to a real estate investor. You will receive a fair market value for the house and avoid paying the commissions to a real estate agent.
Questions? Contact me. (203) 486-8868