The Home Inspection
I have found that many buyers and sellers—first timers as well as those with past home buying experiences – have a number of questions and misconceptions regarding the home inspection process. Buyers tend to think that the seller should take care of all issues on the inspection report. Sellers tend to fear that the buyer might back out of the contract or make numerous unnecessary and expensive demands. Neither of these should be the case. The inspection report is really just an objective 3rd party “snapshot” of the home’s condition at a given moment in time.
Buyers need to understand that the inspection report should not be treated as a “get out of contract free” card. It is also not a grocery list of items that the seller will automatically agree to repair. While it is not unreasonable to expect a seller to fix major problems that are wrong with the home, minor issues can easily be taken care of after the buyer has moved in. For example, a leaky roof is a major issue, but a faucet that drips is minor. Part of the duty of your Realtor® is to help you decide what is a major concern and what is not. Remember that you may probably do not want to lose the home of your dreams over a $100 repair. Even if there is nothing in the report worthy of bringing up to the sellers, an inspection is worth its weight in gold. This is a full “checkup” for your future home. It will help you prioritize your maintenance and improvement goals during the first few years in your new home. It will instruct you in the proper upkeep and care for your foundation, appliances, HVAC systems, roof, and more. I highly recommend that the buyers and their Realtor® should be present for the inspection. This allows the buyers to ask questions, learn about the home’s systems, and better understand the inspection report. Even on new construction, you should always get an inspection.
Sellers should realize that the inspection is not meant as an attack on the homeowner. It is generally best for the homeowner to not be present during the inspection. He or she may be offended by innocent comments and take a defensive position—killing any chance of a civilized negotiation. While the inspector will find numerous issues in your home that you have long ago learned to live with, work around, or ignore, this does not mean that you are a bad person. It also does not mean that these items HAVE to be repaired in order to sell the home. Unless it is a very major issue—one that will prevent the buyer from getting a loan or insurance—all repairs are negotiable. It is up to you and your Realtor® to go through the contract amendment and decide where you want to go from there. Keep in mind that anything that bothers this buyer would likely be a problem for any future buyers if you cannot come to an agreement. Would you rather replace that water heater for a buyer you have already agreed to terms with, or take a chance that this buyer may walk and you may never get another offer as nice as the one you already had under contract. Also remember that you are required by law to disclose any problems you are aware of in the house. The inspection process helps keep your liability lower by bringing to light issues which could come up in a lawsuit two years down the road. In fact, paying for a pre-inspection when you first place your home on the market could more than pay for itself by allowing you to take care of any items a potential buyer may be concerned with and providing written documentation of your home’s clean bill of health. When a prospective buyer is trying to choose between two relatively equal homes, that clean bill of health could be the determining factor.