DO YOU TELL THE HOMEOWNER WHAT TO EXPECT FROM THE HOME INSPECTION?
One of things I'm mindful of when I'm conducting the initial tour of a home in the Chicago, Illinois area marketplace the Owner wants me to sell, is who might be the potential Buyer. What I mean by this, is will the most likely Buyer be procuring FHA financing. As a result, I must tour the home with a critical eye to insure the Owner is prepared to address any maintenance of repairs before we place the home on the market.
My next reason for touring with a critical eye is because whatever Buyer procured, the Buyer may higher their own professional inspector. It is so important to help the Owner to manage all possible expectations, because in the long run doing our homework in advance concerning maintenance and possible repairs will insure a higher net profit in the end!
My initial walk through is kind of like a mini home inspection.
I am looking for issues that should be disclosed like water in the basement. I am looking for issues that will affect financing like peeling paint for FHA buyers. I am looking for issues that could affect the appraisal process. Asbestos on steam pipes is considered a hazardous material and must be identified in the appraisal. I am also looking for the issues that home inspector will bring up to the buyer. A roof that has reached the end of its economic life.
I like to be pro active and not reactive to problems. I sit down and discuss my findings with the seller(s). We discuss the ramifications of the different concerns. Some people want to give credits and not do the work. This entails my going out and getting estimates for the work to be done. That way I have them ready for the buyers.
The bottom line is the seller(s) are aware of the issues and we have a plan to deal with. No surprises and no drama. Just solving real estate problems.
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