When Should The Seller Be Told About Inspection Issues?
Seems like an obvious answer right? How about waiting 2 weeks and at the contract signing? Thinking maybe you have the seller by the kahonas? Wrong! You do not wait 2 weeks after the home inspection to let the seller know the home inspection results. You do it immediately.
One of my listings got a 2nd showing and an offer came in immediately after that showing. A higher offer that was hard to ignore and of course my seller took it. Who wouldn't? I asked the first selling agent via text message the day after the inspection if there were issues and I was told NO. Two weeks later there were issues and the first selling agent didn't think it was a big deal. It was a very big deal to wait that long. The issues were little but there were a lot of them.
When I informed the first selling agent we had a higher offer come in I asked if the buyer was willing to come up and they replied, "my buyer is hoping the seller will remain loyal and give him the house for his original offer". "If the second buyer backs out my seller will give your buyer the house for the offer he originally accepted" was my message I delivered on behalf of my seller.
A few days later the first buyer was willing to forget the inspection issues and just sign the contract. Maybe they realized playing this game of hostage wasn't working and the second higher offer was real. It was too late.
Word to the wise: Real estate is not a game. It's not Monopoly. There are real people and real money involved. By playing "the game", you will lose.
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