Today I settled a home with a Buyer in Springfield, Virginia they picked a great home in a community named by the Washington Post As the Neighborhood to Buy In for 2015 .The home is 50+ years old the last time it sold was 2005.
When my buyers picked the community and home they wanted to live in.
1. We submitted and offer and soon we negotiated the details and had a Ratified contract.
2. Next we did the Home Inspection and Radon Test which was part of the contract. My buyers said they saw no reason to come to the inspection they will just send us a report right? I said I would prefer that you attend the inspection. I told them they would learn quite a bit about the place they would soon call home if they followed the inspector around and really listened to what he was finding.
It is important to note that since July of 2014 now all homes are now sold in Virginia "AS IS" it is important to understand that if you want any repairs done they must be negotiate during the home inspection period.
3. The home inspection went well but came up with a few items that seemed substantial considering how the home owner seen to maintain their home. The issues were on the roof, chimney and in the attic places that would not be easy visible to someone who did not know what to look for.
Once I saw what the Inspectors had found I re-looked at the tax record and the previous MLS history and determined this home was most likely sold in a bidding war in 2005.
Why did I think that?
Back in 2005 due to lack of inventory and so many buyers willing to do what ever it takes to buy a home. What this means is we were most likely dealing with a home owner who waived the right to a home inspection back in 2005 and now was going to find out that was an expensive choice.
The listing agent came in at the end of the inspection and I asked her if she was the Buyer Agent when the sellers purchased the property and she was. That was good news to my ears because I knew they must have been counseled on the risk of waving a home inspection to win the bid and she would be able to get them through what could be substantial repairs to their home.
The sellers were still upside down from when they purchased in 2005 but were relocating so every penny would be coming out of their pocket! OUCH This is where contracts fall apart if you do not have an experienced agent on each side working to guide buyers and sellers through the process.
We did the Inspection a week before closing so we could check out the repairs. The seller had already relocated and wouldn't you know one of the toilets would not flush on the walktrhough. I felt sick for the sellers but I represented the buyers so I had to make the call to have it repaired. $250.00 later the repair was complete and we were ready for closing.
Fast forward through two extensions on the home inspection period and we finally went to settlement.
My Buyers said they were grateful they had been referred to me and that I insisted they attend the home inspection.
They were grateful they had very knowledgeable inspectors who went over the house in detail. You may be buying an AS IS home but you need to know what you are getting yourself into. By not waiving a Home Inspection it gives you the opportunity to at least negotiate with the seller should you find something that gives you pause.
The sellers ended up having to spend $11,200 on repairs to items they had no idea were even issues during the 10 years they lived there. Just because you do not see them does not mean they are not there. Mold in the attic and a broken roof truss that need a structural engineer was a surprise to all. Once you find the items you really can't ignore them. This is the real cost of waiving a Home Inspection and I would not recommend any buyer doing so.
Happy Buyers in The End
In the end the sellers were happy their home sold and they had worked with the agent who sold them the home so they were comfortable with their choices and in the end it all worked out. My Buyers were quite calm and worked with me to make sure we got the issues handled for their peace of mind. They were thrilled to be buying a home in the area they really wanted to live.
Remeber Someday you will be a seller of the very home you are buying this year. Be smart and do your homework and don't take unnessary risks. If all goes well you will call me back to sell the home when that time comes. We will all have peace of mind knowing we did everything we could to make sure the home was check out and safe for you and yours. After all thats what it is all about at the end of the day.
TIPS for Buyers
*Always attend the home inspection and follow the Inspector around they are a wealth of information and will help you to really get to know the house that will soon be yours.
*If you must get into a bidding war do not waive the Home Inspection it could cost you long term.
*Always get a Home Warranty on your home which is good for one year and can be renewed. This can save you costly repairs with only a small deductible rather than a huge repair bill
* Anything that is found as a defect in the home can be fixed. It is just a matter of negotiating the repair
with the sellers and moving forward.
If you need help finding a home in the Northern Viriginia area please give me a call my 25 years in the Real Estate world give you a wealth of knowledge and it does not cost you a penny to utilize!
Give me a call at 703-801-9367 and Let's Talk about your Real Estate needs.
I work with my Identical Twin Peggy who happens to be a Very Knowlegable Listing Specialist this really helps us to coach our clients through anything that may come up. We The TwinsSellingRealEstate
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