Market Shift = Inspection Challenges
Home inspections in a seller's market become a bigger tool for some home buyers in how they approach that part of the sale. Buyers are lined up around the block to see new listings. If a given buyer wants to purchase, they have to be aggressive and with the exception of the high end of the price spectrum, full price offers are not uncommon. By the the time the inspection has rolled around, the buyer has sometimes experienced some transactional remorse. In other words they use the inspection to get their value from the purchase often asking for an extremely high level of repairs to be made. Sales have been falling apart since time immemorial over inspections and just because more homes are selling and values are improving does NOT mean inspections are easier. If anything inspections are harder.
Buyers need to do their homework and be ready with questions before, during and after the actual inspection. They should also make sure they allow enough time in the contract to get the inspections done. Home inspectors are really backed up and getting an inspection done in a week is a minor miracle. Buyers need to be present at the inspection. Sound simple? You cannot believe how many buyers are not at their own home inspection despite what's at risk.
Should a seller have a preinspection? Maybe (how's that for hedging?) A preinspection means that all things discovered need to be disclosed and that's painful in some cases. Since no two inspections are alike, sellers should not operate under the delusion that one inspection before a sale means they won't have anything else to deal with. A preinspection means a good start towards a seller having their home totally ready to sell but it's not the final word.
In my younger days I used to hear an expression quite a bit that went something like...opinions are like....well you know, and every body's got one. In the home selling game, inspections are like that too....and you just have to do your best to protect yourself and not totally destroy the other party in the process if you hope to get to a closing table.
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Posted by Greg Cooper at 2:47 PM