If you've ever tried to sell a home, you're familiar with home inspections. These inspections are usually ordered by a potential buyer when a house goes under contract. A home inspection is done by a professional who provides details about the overall condition of your house, including major structural and mechanical defects.
A home inspection which turns up multiple issues with your home can ruin a deal and leave you without a buyer. At that point, your agent may recommend pulling your house off of the market, making the necessary repairs, and relisting it. Let's look at what needs to be done to pass the next inspection and why re-listing your home may be a good move (pun intended).
Let's say your house goes under contract and they buyer orders a home inspection. The inspection report reveals a lot of issues with your home. So many issue that the buyer decides to end the contract. Now you're left without a buyer and more issues than you ever imagined. Your agent encourages you to pull your house off of the market, fix the issues, then re-list it. You see that the issues are major and repairs need to be made so you agree.
Get a copy of the inspection report and talk to your agent about which repairs are most important. Without making repairs, you're setting yourself up for another failed inspection and a new potential buyer with the same concerns as the first. It's likely your agent has dealt with a situation like this before and may have suggestions for repair companies and which repairs are top priorities. Determine which issues you're going to resolve and get professionals in to provide estimates.
- Termite damage
- Plumbing leaks
- Mold issues
- Roof issues
- High radon levels
When the time comes to re-list, the buy-sell agreement must disclose any repairs that were not made. In addition, potential buyers need to be made aware of previous issues that have been fixed. Talk to your real estate agent about how to handle questions from buyers related to repairs. Withholding information could lead to a lawsuit.
If you are reading this article to gather information before selling your home, vs. being in the position of having to re-list, consider having an inspection done on your home before putting it on the market. Although you'll have to spend a bit of money, you will know what problems exist ahead of time and can make the repairs before signing a contract with your real estate agent.
Although a home inspection might lead to bad news, issues can be tackled and your home can be re-listed in better condition. Potential buyers can rest easy knowing they can move in without having to tackle major issues. On the other hand, if there are a limited number of issues, the buyer might be willing to purchase the home but may want to re-negotiate the price so they have enough money to make the repairs. Either way, a home inspection is an important step in finalizing the sale of your home and relisting your home can be an ideal solution after problems have been resolved.