I've got home inspections happening this week for both buyers and sellers. Home inspections can be a cause for worry for both parties. In this market of short inventory, sellers
How to Home Inspection
Dated: July 31 2020
I've got home inspections happening this week for both buyers and sellers. Home inspections can be a cause for worry for both parties. In this market of short inventory, sellers are worried that buyers overbid to get a home and plan to re-negotiate at the time of home inspection. Buyers are always worried that sellers haven't disclosed everything about the property and are hiding pertinent information. My advice to all buyers and sellers is to take a deep breath and put yourself in the other parties shoes. In other words, buyers need to think that sellers have filled out the mandated sellers disclosure to the best of their knowledge and are acting in good faith. Sellers need to realize that buyers wrote their offer already reviewing the sellers disclosure - those things were negotiated at the time of the offer. They are looking for undisclosed or hidden issues such as moisture in the attic that leaked from a bathroom fan that came loose and has now caused mold on the roof sheathing, or a furnace with a broken heat exchanger. These are big issues and as a seller you want to know about them. You don't want to sell your house with defects that could haunt you down the road.
Negotiation can be done a few ways. Sometimes a buyer is freaked out by any problems - or to many - and takes the option of ending the deal. Most home inspection contingencies have the option of the buyer just walking away. They don't have to prove anything or give you a bad report, they just decide it's not the house for them. A cracked heat exchanger may mean that the seller needs to put a new furnace in the property (you can't get a mortgage without a working furnace so this one often falls on the seller). If it's a cash deal and the furnace is bad, it might mean an adjustment to the price for the property. Sometimes, a major fix like to much moisture going into the roof cavity may end up with a concession at closing - such as the seller putting $3,000 towards the buyers closing costs. That way the buyer has $3,000 to hire a company of their own choice to solve the issue. Of course, sometimes everything lines up and there is a great home inspection with no conditions or repairs. It happens more often than you think. All in all though, the best advice I can give is to relax and rely on the expertise of your home inspector and your agent - they're working for you!
I'm a Michigan girl who loves four seasons, water, the Lions (no, I don't have a back-up team), and Detroit. My husband Brad and I met while serving in the US Air Force. That service had us living i....