Sunday, September 21, 2014

Don't Forget About Inspections

The most frustrating part of the buying or selling is often the inspection period.  What the inspection period provides is an opportunity for the buyer to have a comprehensive inspection on the home that they've offered to purchase to find any defects in the home that may influence the value of the property or the desire for the buyer to purchase the home.  Sellers often forget that the buyer has this right, and buyers don't factor this into the equation nearly enough when searching for a home.  Here is a look at the inspection from the two perspectives:

SELLERS
As a seller, you must always keep in mind that the buyer has the right to an inspection.  Often times sellers get excited about their home being in contract, and then when the inspection time comes up they are taken back or surprised by the findings and the excitement turns to dismay.  The sellers find that they'll need to put $1200 into the home to get it sold and then emotion becomes too much a part of the deal.  My advice to sellers is to always keep this in your mind that inspectors are likely to find something that no longer meets code or something that needed repair.  At the same time, remember that what the buyers request to be repaired or replaced is not final.  This is a negotiation.  You have the right to counter the buyer and/or completely turn down their request.  They can walk away, but it is a negotiation and if you aren't satisfied with their requests, you have the power to say no.

BUYERS
When you search for a home, you shouldn't try to play inspector along the way.  Don't worry about small things, the inspection will catch those.  Find a home that provides the location, layout, and amenities that you want, and trust that the inspection period will provide the details you need to make sure the home is a good investment.  Too often buyers pass judgement on a home that may be perfect for them without considering that the item that influenced that decision is one that would show up as either a non-issue or an item that the seller would repair or replace.

Both parties should always consider that the inspection period is not in place to make sure that the home is perfect.  The general unwritten rule is that items that the buyer requests that the seller repair should only be items that impact the health or safety of the occupants.  There are obviously exceptions to the rule, but it is very important to recognize why the inspection available and to honor that code.  If you view the inspection as an opportunity to ask for all kinds of small things that I call "part of home ownership" you are only destined to have deals go sour.

For more information on inspections or to find an inspector, email me directly at scottmorrison@kw.com 

Take care,
Scott



1 comment:

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