Many sellers dread the home inspection. Things are moving along great, so far. The contract has been accepted, the buyer’s loan has been pre-approved and qualified, the appraisal has been ordered as well as the title and the home inspection has been scheduled. What happens if the buyer has a laundry list of problems and issues about the home after the inspection has been performed?
This is where a lot of sales can thrive or die. Buyers need to understand what they’re getting into when they purchase a home. This is one of the largest investment so make and they need to understand all the details behind the construction and manufacturing of the property itself. A home inspector is to unbiased really investigate construction, materials, and stability of the home and report accurately on anything that may be of question. It is then up to the buyer to decide whether they are to proceed or not. The seller has the responsibility of responding to the inspection report either by accepting the inspection report as is, agreeing to complete any repairs or address any concerns, negotiate for those repairs or reject the inspection altogether and terminate the transaction.
The buyer and the seller have options during the home inspection. Even though the earnest money deposit has already been deposited with either the title company, escrow or the broker, this money can be returned if the buyer rejects the home inspection and terminate the transaction, however, the seller can also kill the deal at this point as well.
Sellers should be informed that this is a real estate decision, not an emotional one. It may not be easy to curb a seller’s reaction but the response could mean the completion or the death of the transaction. If the home inspector finds very few problems, sellers are most likely to address those issues and correct them for the benefit of the sale. If there are large issues or many small issues, the seller may feel that the buyer is nitpicking and the seller might get frustrated with the inspection report, however, the buyer’s agent should inform the buyer that if you ask for every little thing you may do nothing but frustrate the seller. It’s important to negotiate and consider the large issues that may be hazardous or of serious concern. These are the issues that sellers are most likely to agree to fix.
Buyers and sellers need to consider what could make or break a deal. If it’s something as simple as patching a hole in the window screen, should the buyer or the seller kill the deal over something so minor? These are all issues that buyers, sellers and their agents need to discuss and negotiate the biggest tips is to try and keep emotions out of the negotiation process. Going to emotionally involved, frustrated or even insulted, has been the demise of many a real estate transaction.