One of the most nerve wracking parts of getting a deal done to the satisfaction of all parties, including the realtor, is the home inspection. We have all heard the horror stories or worse yet, been part of one. Even in newer homes there are things that may be found in a home inspection that will not be noticeable to the untrained seller, buyer, or realtor's eyes. The best laid plans of mice, men, and realtors can rest on the results of the home inspection.
I just recently closed on a single family home where the seller was not going to do repairs and my clients were walking a tightrope for cash for the downpayment. The home inspection was critical to the deal. The home was newer construction and was in excellent repair to the naked eye. However, my clients were nervous. Therefore, I was nervous. They kept bringing up the story of a friend who was selling their home. The home inspection revealed a small leak in the garage roof. A $15,000 repair that they had to make. Have you ever had to hold your breath for forty-five minutes while some inspector poked and prodded around the attic? Not fun. Anyway, it passed without a hiccup. But, all of the anxiety and stress for everyone could have been avoided with a $275.00 pre-listing inspection. So, what am I missing here? I know there is something because, if not, all listings would have a pre-listing inspection attached. The seller refuses to pay? The listing agent refuses to pay? What???
Okay. Now it is put up or shut up time for yours truly. I am getting ready to list a very nice property that I know may have some cosmetic issues. Maybe something more. I do not know. I need to get everything checked out before I invest any more time. (I sound like the guys from Pawn Stars) I will suggest to the seller that they order a pre-listing inspection so that they can be forthcoming to a potential buyer about needed repairs or completed repairs. In either case, both parties will be informed from the beginning. If the sellers refuse the pre-listing expense, I will need their permission to order one at my expense. I cannot imagine that they will refuse, as a home inspection will happen at some point anyway. I will just have to tell my wife that we will need to delay buying that new kayak for a couple of months! But the bottom line is that I am not going to put myself, my client, and your buyer through the anxiety of a home inspection after a deal has been struck.
As well as making everyone's life a little less stressful, there are several ways of dealing with needed repairs. The seller can make the investment. The buyer can opt to take the expense off of their offer. Or better yet, we can get the lender involved with an escrow hold back to cover the repairs. Either way, everyone goes into the deal with eyes wide open. And no surprises. Personally, I like that!
If this is the first time that you have read my blog, my wife and I relatively new to the real estate business. Our background has been in starting and selling businesses of consumer products. We sold our last business in 2011. After the obligatory breaking in period for the new owners, we packed our bags and our Maine Coon Cat, Roadie, and headed to our beloved Hutchinson Island Florida. If you know of someone who would love a beautifully restored Maine farmhouse with fields, farm pond, horse barn, and only minutes to the coast, just let me know. In the meantime, Pam and I have jumped in with both feet in using our entrepreneurial skills to build our real estate business here on Hutchinson Island. I have tried to make my website as user friendly as possible, but if you want us to check on something on Hutchinson Island for you, let us know. We are looking for almost any excuse to go exploring.
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