12 Step Guide to Getting Your Home SOLD!
Hello Again, Savvy Home Sellers!
Welcome back to my 12 Step Guide to Getting Your Home SOLD! Last time, in Step 9, you learned about the home selling negotiation process. You learned what to keep in mind when submitting counter offers to buyers, and different tools that you can use while negotiating to get your home SOLD.
Step 10: Home Inspections
Today, in Step 10, we will discuss home inspections. This is one of the most important steps in the home selling process; home inspections are the number one reason home contracts fall through. Before closing on the home, the buyer will typically hire a home inspector to examine the home. In Step 10, you will learn about the purpose of home inspections, the things a home inspector will likely check, and what home inspections mean for you as the home seller.
What to Expect from a Home Inspection
Some common things that a home inspector should check for material defects are the structure of the home itself, the roof, the electrical system, the HVAC system, appliances, and the plumbing system. Every home inspector is different and may find different issues that need addressed.
The Purpose of Home Inspections
According to Missouri real estate contracts, after the offer is accepted, the buyers have ten days to have an inspection done and send the seller a list of material defects, items found in the inspection, that the buyers would like to have repaired. Material defects are issues not readily apparent to the buyers, usually found in the structural and mechanical systems of the house. The inspector will also identify any items that need to be repaired, and will estimate the remaining life of the home's major systems, structure, and equipment. A home buyer hires a home inspector to inspect the home he is planning to purchase to be sure that the home is in a desirable condition with no major and costly defects, and to alert him about any unseen issues.
The inspection is the buyers' opportunity to find out about any existing material defects in the home so they can negotiate with the sellers to pay for repairs or to provide an allowance. In the case of any major and costly defects, the buyers can negotiate their way out of the contract.
What Home Inspections Mean for Home Sellers
As mentioned before, it is important for home sellers to understand the home inspections process, even though the home inspector is hired by the home buyer. After you as the home seller receive the inspection report, you will have ten days go get back to the buyers to let them know what you agreed to repair or if you will provide an allowance, and before closing you must have the agreed upon items repaired. Keep in mind that in order to keep the contract and close the sale, you are required to come to an agreement with the buyers regarding repairing the material defects in the inspection. If no agreement is reached within five days, the buyers have the right to walk out of the contract. Your home would then go back on the market and you would be required to disclose all the new material defects found, repaired and not repaired, for the new potential buyers' information.
As a savvy home seller, you should do everything you can to repair the material defects found in the inspections to come to an agreement with the buyer. Material defects are damaging to your home; they are issues you would want to have repaired if you were to continue living in the home. However, you are not required to repair or replace any items that are not considered material defects, such as ordinary wear and tear through age and weather, items that no longer conform to current building codes taht did when first built, items that are working properly and are simply old, and any exterior or interior paint (excluding the presence of lead-based paint). Buyers can ask you to repair whatever item they want to buy you are not required to repair any non-material defects and if you decide not to do so, buyers don't have the right to walk out of the contract.
Inspections are the number one reason home contracts fall through, and a home seller may be responsible to pay to fix certain items found by the inspector. Although home inspections are initiated by home buyers, it is important that home sellers understand what they are required to have repaired to get their home SOLD. With so much on the line for a seller, it is essential that they understand the home inspections process and be financially prepared to have repairs done to get the home SOLD.
Now that you have learned about home inspections, you are nearly finished with my 12 Step Guide to Getting Your Home SOLD. Next time, in Step 11, we will discuss what "under contract" and the closing process mean for home sellers. This portion of the home selling process may seem challenging to understand, so you won't want to miss this one!
Until Next Time,
Ana Spradling, Your Realtor with Real Results
When you work with me as your listing agent, I will help you to understand every step of the home selling process while I work hard to get your home SOLD. I extensively market your home to both buyers and buyers' agents and I use both online and traditional marketing to get your home in front of the eyes of buyers. Learn more about my services to home sellers; request a free in-home marketing presentation today! Contact me at (913) 954-7123 or at ASpradling@ReeceAndNichols.com