What should a Seller do when after the Home Inspection goes wrong?

By
Real Estate Broker/Owner with Godzyk Real Estate Services NH License 033394

A Home Seller called to say the Buyer for their home is asking for a HUGE price reduction after the Home Inspection. They said they were appalled and canceled their listing. They decided to ask the sellers of recent sales in the Manchester NH area who was the Best Listing Agent in their neighborhood and sought to find a NEW Listing Agent. I was very pleased they called me. I started how the home sale process is supposed to work in order for them to be prepared this time. 

 

Their past Listing agent left them to fend for themselves in the selling process. They LOVED finding and reading my Active Rain Blog that reads that I work with my sellers through EVERY step of the Home Selling Process.

 

I asked to see the home inspection report as i told them we needed to address it now because if we did not, any new buyer may also find these items and we will be in the same boat of a buyer asking for repairs or a price reduction. 

 

The list included a few items that were of concern but all easy and they key, inexpensive fixes. Far below the $20,000 price reduction their old listing agent wanted. Install covers on 2 electrical outlets in the basement. Tighten the bathroom faucet. Install a hand rail that was removed to move furniture out. Replace ceramic cook top which was cracked on the "NEW" stove. Secure loose shutter on exterior. Have furnace cleaned.  The material and labor for all the fixes was less than $1000. The seller is having all items completed, the listing is signed but will be placed on the market the first week of January. 

 

 

It is often emotional for the Buyer and Seller. inspections bring stress to all parties. Buyers and Sellers look to their agents for guidance. It is important for what is found in any inspection to be kept simple, have a real estimate and remain calm to work out whether the seller should fix or credit the buyer so they can fix with teh actual amount. Not an inflated, estimated or blown up amount. One of the most Important steps Home Sellers should make is the selection of a "GOOD" LISTING AGENT. Make a "bad" choice and you may get "Bad" results. 

 

Choose a "Good' Agent, and you may sell your home faster and at the best price obtainable. Bigger is not better and all agents are not created equal. You as the consumer have the power to choose the right agent. I leave you with now infamous philosophy, which is simple, to provide more personal and professional service to guide my clients through each step of the buying or selling process. That is WHY NH Home Owners should LIST WITH ME. 

 

.Our TOP TIPS IF YOU WANT YOUR HOME SOLD IN TODAY'S MARKET

 

1. CHOOSE THE RIGHT LISTING AGENT: As a home owner in this market you need every advantage you can to get your home sold. It starts with choosing the right agent.

a. Ask for a Full time agent whose sole job is to sell homes.

b. Ask for a Full service agent who will guide you through each step of the selling process. Discount brokers often equal discount services.

c. Ask for a Local agent who knows your neighborhood and is readily available when you need them is a must. Out of town agents can leave you high and dry in your time of need.

d. Ask for a well experienced Listing Agent can give you the advantages you need when selling your home. Not all agents are created equal. Choose only the best.

 

2. Ask to PRICE THE HOME CORRECTLY: One of the most important things that can help you sell your home is pricing it right. . List prices need to be priced at or near market value. The simple truth is over priced listings are one of the only segments of the market that are not selling. A great agent will study the recent sales, study what is on the market and use trends and comparables to place a value on your property.

 

 

IN CONCLUSION: There is a lot of behind the scenes work going on to get a house on the market, marketed, get an offer, go through the buyers mortgage process, appraisal, inspections and get to the closing of the home. If you did not notice most of these steps, I did a great job. With the decrease in Listings, there is pressure on Listing Agents to provide more service. For agents who have been providing a great service to their clients throughout the last 4-5 years they are being rewarded as home sellers and buyers talk, they let each other know who did the great job or who dropped the ball. As you see it is no accident a home sells. It is through the hard work of the agent.

 

If you are looking to SELL a property in NH, you can choose ME. I strive to offer the best in personal and professional service through EACH step of the SELLING process..

 

 

It does not take magic to turn your "For Sale" sign into a "Sold" sign. it takes a full time Local Agent who specializes in Listing homes like yours.

If you are thinking of buying a Home please contact us. Get a free pre-qualification along with some of the BEST CUSTOMER SERVICE through each step of the Buying Prices.

 

Please call for a FREE MARKET ANALYSIS to know what the value of your home is.

 

WE STRIVE TO PROVIDE THE BEST POSSIBLE SERVICE THROUGHOUT EACH STEP OF THE LISTING AND SELLING PROCESS!!!
 
 
If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale which may be able to help you.

We are local agents with experience who GET RESULTS!!!
 
 
We stand by you through every step in selling your home..
 

 

About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. With 28 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area. To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com . We are Full Time Agents ready to serve all of your Real Estate needs through each step of the Buying process

- See more at: http://activerain.com/blogsview/4275908/if-someone-asks-why-did-my-home-not-sell-do-you-tell-them-the-truth-#sthash.rhUoZbCO.dpuf

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Jeanne Dufort 12/19/2013 12:43 PM
Topic:
Home Selling
Location:
New Hampshire Hillsborough County Manchester
Groups:
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Tags:
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Show All Comments
Rainmaker
2,944,039
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I'm absolutely flabbergasted that their first agent didn't work with them and the buyer to work out the issues. Of course, I'm assuming that agent had the skills and knowledge to do for these sellers what you did.

Dec 19, 2013 08:02 PM #30
Rainmaker
385,314
Bill and MaryAnn Wagner
Wagner Real Estate Group - Ocean City, NJ
Jersey Shore and South Jersey Real Estate

Excellent advice Scott. It's hard to believe that the previous agent didn't take control of the situation and suggest the repairs be completed. 

Dec 19, 2013 09:02 PM #31
Rainmaker
1,364,727
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Scott, seller preparation is key. It turned out it wasn't as bad as they thought. They just needed an agent who could explain it to them.

Dec 19, 2013 09:15 PM #32
Rainmaker
433,248
Scott Seaton Jr. Bourbonnais Kankakee IL Home Inspector
SLS Home Inspections-Bradley Bourbonnais Kankakee Manteno - Bourbonnais, IL
The Home Inspector With a Heart!

There are 2 kinds of items on my reports that I explain to the buyers. Maintenance and repairs. I explain that "usually",  the seller takes care of repair items, such as a furnace not working. The buyer takes care of maintenance items, such as the furnace needs a cleaning or a filter change. It's all negotiated by the agents but I give the buyer a typical situation so they're not surprised. 

Dec 19, 2013 09:31 PM #33
Rainmaker
1,932,221
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Said with all due respect in a Ricky Bobby approach. Boy the "last agent left them to fend for themselves" tone should be a members only blog post. You don't want the same REALTOR not approved rhetoric back at you or anyone else in the same real estate profession. "Good" and wearing a white hat on one side, "Bad" and with the black lid does not help the PR ladder rung climbing that affects all of us.

Dec 19, 2013 09:36 PM #34
Rainmaker
1,516,070
Mike Cooper, GRI
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Scott, great advice. Home inspections can be a challenge for a deal, but they don't have to be with the right leadership.

Dec 19, 2013 09:44 PM #35
Rainer
40,963
Juan Jimenez
A House on a Rock Home Inspections LLC - Richmond, VA
The Richmond Home Inspector

Scott, personally, I love working with agents that have a firm grasp of how to handle the inspection report. Good work!

Dec 19, 2013 10:04 PM #36
Rainer
96,912
Jeff Fritzson: Frisco Real Estate Pro
Jeff Fritzson Real Estate, Ebby Halliday Realtors - Frisco, TX
Your Success is My Focus!

Hi Scott - home inspections are a major go/no go step in the selling and buying process. If not prepared, lots of things can go wrong. Nice post.

Dec 19, 2013 10:06 PM #37
Rainmaker
525,199
Mike & Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

Not only should an agent prepare sellers for the out come of the inspection report, the BA needs to prepare buyers so that they don't expect  perfection.

Maybe they were buying above their comfort level.

Eve in Orlando

Dec 19, 2013 10:09 PM #38
Rainmaker
525,199
Mike & Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

Not only should an agent prepare sellers for the out come of the inspection report, the BA needs to prepare buyers so that they don't expect  perfection.

Maybe they were buying above their comfort level.

Eve in Orlando

Dec 19, 2013 10:09 PM #39
Rainer
220,096
Suzanne Otto
Six Twenty Designs - Lansdale, PA
Your Montgomery County PA home stager

What was going through that last agent's head when he suggested a 20k price drop??

Dec 19, 2013 10:17 PM #40
Rainer
27,387
Edward Beck
William Lawrence Agency - Boonton, NJ
Helping Buyers and Sellers Turn the Page.

Buyers can ask for whatever they want.  It is up to the seller's agent to guide the sellers through the inspection process, and if necessary gather estimates for the requested repairs - Negotiations don't end when the price and terms are agreed upon and the contract is signed.  Inspections are part of the negotiations.  Apparently the previous listing agent in this case doesn't realize this and thus lost a sale.  

Dec 19, 2013 10:27 PM #41
Rainmaker
2,928,057
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Thank you all for great comments. I was asked why I would make this public and not  agents only. the answer is when i am calling expired's or they are calling around looking for a new agent, the statement most heard is "Only if I knew there was a difference in agents". That alone makes me want to get the word out there is a difference in agents and choosing the best one is important to get good results. It is not something that is just in Real Estate, you want the best doctor, the best lawyer, the best car mechanic and on and on. Thanks again all and have a good day.

Dec 19, 2013 10:37 PM #42
Rainmaker
510,684
Jonathan Hall
William Pitt Sotheby's International Realty - Danbury, CT
Realtor - Danbury,CT Area Real Estate~203-417-0523

Those are minor repairs that an exprienced listing agent should have suggested fixing or offering a $1200 credit, based on an estimate, so the buyers could handle the items on their own. Not everybody works the same way and sometimes home buyers and sellers suffer.

Dec 19, 2013 10:51 PM #43
Rainmaker
522,122
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

Anybody who passed the ridiculously easy test and paid the license fee can stick a sign in your front yard.  The primary reason to choose a great listing agent is to have a representative who provides good advice on preparing and pricing your home, and who is ready, willing, and able to negotiate the transaction right through closing.

Dec 19, 2013 11:10 PM #44
Rainer
39,314
Julie Brown
Steffes Group, Inc. - Mount Pleasant, IA
Broker-Associate, Mt. Pleasant, Iowa

Great post.  I wonder if the previous Listing Agent asked the Selling Agent why the unreasonable $20,000 repair reduction.

Dec 19, 2013 11:17 PM #45
Ambassador
559,284
Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986.
eXp Realty, Victoria BC www.pfanntastic.com - Victoria, BC
Talk To or Text Peter 250-213-9490

Thanks for this excellent information about inspection reports and collapsed sales as a listing opportunity.. Interesting.

Happy Holidays and a Pfanntastic 2014

Dec 19, 2013 11:44 PM #46
Rainmaker
273,280
DALIA KIBBY
Sellstate Partners Realty - Cooper City, FL
Selling Broward County Homes with Passion!

In that situation now (I represent the Buyer). It's always a disappointment. That price reduction of $20K sounds extreme, sounds like your suggestion to Sellers to make the repairs is a good one. Congratulations!

Dec 20, 2013 01:33 AM #48
Ambassador
932,319
Mike Frazier
Carousel Realty of Dyer County - Dyersburg, TN
Northwest Tennessee Realtor

That listing agent may not be as guilty as charged. I would proceed cautiously.

Dec 20, 2013 01:37 AM #49
Rainer
131,711
Steven Wessler
SpyGlass Inspection Services - Osage Beach, MO
CMI, CCMI

I tell my clients before the inspection begins that a Home Inspection is not a tool to be used for a price reduction on the property, but provides an overall picture of the property to help them better understand the mechanics of the home. Existing homes have been lived in and used by their present owners and it is unrealistic to think that a home will not need some type of maintenance. The inspection report should never be simplified for the sale of the property, but the responsibility of the inspection should never end with the report. The inspector, buyer and the buyers agent should go over any concerns and if needed contractors contacted for estimates.

Dec 20, 2013 11:36 PM #50
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Scott Godzyk

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