Important Inspections While Selling Your Home
We continue today with our series on making your home offer as appealing as possible. As outlined in our first article in this series, the real estate market is a strange and occasionally volatile place. Sometimes it’s a buyer’s market, sometimes a seller’s market, and while the former is definitely preferable for those looking to purchase a home, the latter is often the case. We want to assist in your navigation of this condition and so are compiling this series of articles on sweetening your offer.
Last time, we took a look at cover letters (also referred to as “sweetheart letters”) which have recently become a popular way of trying to stand out when multiple offers are believed to be competing for a single property. Going forward, we are going to look at some other areas where you might consider one or another tactic to entice a seller to give your offer more than a lingering glance.
The inspection is an important piece of the home sale. After an offer is accepted, it is standard for a certified inspector to arrive at the property in question and do a detailed examination of all of its features including:
- Fixed appliances (such as refrigerators, stoves, washing machines, etc.)
- Water softeners
- Water heaters
The inspection matters because there might be a major issue with the home – perhaps one that the current homeowner is not aware of – that makes the home a health or safety hazard. The inspection also matters because there is a chance that the current seller is withholding certain pieces of information from the condition report relating to the condition of the home, information that would otherwise drastically affect the salability of a home.
The inspection contingency states that the buyer has the right to demand the seller make certain needed improvements to a home pending the outcome of an inspection. These are not frivolous changes, but rather concern major aspects of the home such as mentioned in the list above.
Now, while removing an inspection contingency completely from an offer is probably not the best of ideas, it is possible to make it more generous. While it is often standard for the contingency to state that any repairs over, say, $1,000 will be on the seller to address or the buyer is able to back out of the deal, you could consider upping that number to $2,000, $3,000, or even higher. This can send a message to the seller that you are indeed very serious about your offer and aren’t looking to nickel and dime anyone.
By placing an inspection contingency on the higher end, you will remain protected in case something such as the roof needs to be immediately repaired while simultaneously communicating to the seller that you aren’t going to back away over frivolous details.