Real Estate Broker/Owner with got agent? MD 636504

It’s common knowledge that buyers should thoroughly inspect a property before removing all of their contingencies (conditions) from the contract.  But, I think it’s not a good idea, but a great idea for Sellers to hire inspectors to come through the home before the property goes on the market.  Why?  Because too many times a Seller is caught off guard once the Buyer performs his/her inspection(s).  The Seller had no idea that many of the items on the reports were an issue with his home.  Now that the Buyer and Seller are in contract and the Buyer provides the inspection report(s) to the Seller, the Buyer has the upper hand.  That’s not true in all cases, but in many of them it is true.  And, even more importantly for the Seller, once the Buyer submits the report(s) to the Seller along with a list of repairs to be done, it’s a licensed contractor that the Buyer will request for most, if not all items.  Many of the items on the list could be repaired or corrected by the Seller or a handyman in lieu of a more-expensive contractor.  But the only way that a Seller would know about these items in advance is to have his own inspection(s) done.

One thing that I must mention to Sellers is that IF any inspection report reveals a latent defect (hidden and hazardous) or a material defect (would cause a reasonable buyer to either walk away from the deal or negotiate a different selling price) that you will now know about since you have an inspection report, you’ll need to disclose that defect(s) to subsequent buyers if the current buyer walks away. Yes, that’s the down side to performing inspections of your home as a Seller, but more times than not, those inspections can prove very valuable to a Seller before putting his property on the market by avoiding costly repairs by expensive licensed contractors.

Sellers disclosing defects will not devalue the property.  Most importantly, what they will do most times is to keep you out of the courtroom!

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Jamie Flournoy

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