Selling Your Home - Are You Ready for the Building Inspector?

Natasha Head By Natasha Head, 23rd Aug 2010 | Follow this author | RSS Feed
Posted in Wikinut>Business>Sales & Marketing

Getting an offer on your home is only half the battle. There are still conditions, also know as escape clauses, that can allow the buyers to walk. One of the most notorious is the much feared building inspection. Here are a few tips and tricks to help the nervous home seller keep their cool when the going gets tough.

Preparing for the Inspector...before he even arrives! Negotiation is the key!

A home inspector is typically hired by a purchaser to inspect a property prior to the sale becoming firm. This inspector is working on the buyer's behalf, and is expected to find fault with the property, and although the inspection is only to be used so the purchaser isn't met with any surprises, more often than not, a shrewd home buyer is going to use the inspection as an opportunity to once again negotiate with the seller, normally requesting a reduced price based on some fault that has been discovered as a result of the home inspection.

Having a property inspected provides benefits to both buyer and seller. Buyer is able to proceed with the purchase, confident in his or her general knowledge of the property and potential problems, and the seller is left with a clear conscious, knowing the inspection has been performed and issues resolved prior to closing without a law suit and court date.

Despite the benefits, it can still be a grueling process for the seller. Normally, a home's condition is reflected in it's asking price. If, for example, the roof will soon need re-shingling, one can handle this by offering the home at a slightly lower price than a comparable property that has already had new shingles installed. One would think this would address the issue, but unfortunately, if truth be told, most buyers will still come back after an inspection, expecting the price adjustment, even though the original offer was made knowing the roof was going to need work.

The best defence is always a good offence, and real estate sales are no different. If the home seller is schooled on the typical results of a home inspection, then the wise home seller would have negotiated a price with the purchaser that is going to give them the room to move and still net what they were hoping to, leaving both themselves and the buyer satisfied with the terms of the deal.

If finances permit it, a wise home-seller might even consider having the home pre-inspected prior to being placed on the market. This will allow them the opportunity to prepare for the faults that may be found, and will also provide them and in turn the purchaser, with a record in the form of the inspection report, allowing the home owner to note any repairs that have occurred to rectify the problems the inspection may have uncovered.

A wise home buyer is going to have a building inspection performed on the property they hope to occupy. A wise home seller is going to be prepared for it.

Tags

Negotiating After Building Inspection, Preparing For Building Inspection, Selling Your Home, What To Expect During A House Inspection

Meet the author

author avatar Natasha Head
Born into a real estate family, Natasha has been a licensed real estate agent since 1993. She has penned many works based on her experience, and enjoys freelancing as well. She has a keen interest in arts, music and spirituality, and enjoys the opp...(more)

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Comments

author avatar Jhames Norman
24th Aug 2010 (#)

good piece

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