How Do You Navigate Inspection Items When You’re Under Contract?
Home inspection reports can really stress home sellers out. Here’s why you shouldn’t be stressed and what you should pay attention to on the report.
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What can you do to navigate inspection items while you’re under contract? For starters, an ounce of prevention can be better than a pound of cure. If you’re in an older home, you have large trees that might be getting into your sewer line, or if you have a furnace that hasn’t been cleaned in a long time, the starting point is there. This way, when an inspector comes through, they’ll see you’ve taken care of the house, which will increase the buyer’s confidence.
When you’re getting ready for an inspection on your house, you, the buyer, and the inspector will see three different things. You love your house and will look past its flaws, the buyer sees an opportunity to get things repaired, and the inspector will see absolutely everything wrong with it.
Don’t get too upset or emotional when you get a large list of things to fix back from the inspector. When you get that list, read through it, let it sink in, and look at it again later. It’s likely not as bad as you thought it was at first.
Look for health and safety items on the report first.
What should you focus on from that list? The No. 1 thing we recommend is health and safety issues. If you don’t address these and for some reason your home doesn’t sell, you're going to have to disclose them going forward. In Colorado, the most common of these items include problems with radon, electrical issues, a furnace that’s not running properly, or a leaky roof. Look for these main items on the report.
Once you’ve looked at these, you can start whittling down the list and determine whether some items are worth getting fixed and others aren’t. Maybe you spend a few hundred dollars fixing a few of those small things. That will speak volumes to the buyer. Truthfully, a lot of the items on the report are not worth getting fixed.
In the market we’re in right now, we’re seeing a high number of homes fall out of contract because buyers are scared to pay top dollar and buy a money pit. Any move you can make to get a home under contract is a good one. If you have to go under contract more than once, your sale price will likely be lower.
If you have any questions for me in the meantime, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.