The Inspection Process in a Strong Seller's Market

By
Real Estate Broker/Owner with House to Home, Inc. - Denver Real Estate - 720-231-6373 DRE# ER40011786

 

Once the "stay at home" orders were lifted, and we were again allowed to show homes, buyers came out of the woodwork.    The Denver metro area market was good prior to COVID, and is once again a strong Seller's market.    Some Sellers are still nervous about putting their homes on the market and having a risk of the virus being brought into their homes.   There are not enough listings on the market in the average to below-average price ranges and are seeing multiple offers on homes that show well.

 

Sellers are asking top dollar for homes when they have been remodeled, and we are seeing some that look good on the surface, but the inspections are revealing areas that were missed or dismissed.    Because of the lack of listings, Sellers are feeling they can command high prices, and if one or two buyers walk, they WILL keep one to move forward to closing.   In Colorado, these issues are required to pass on to the next buyers.   If the Seller/REALTOR have the knowledge, they have to disclose.

 

Had an inspection performed this past weekend, where all the mechanicals are past their life span, leaks from plumbing into the crawlspace and electrical issues.    The listing agent has already shared the Seller will be reluctant to do anything.....wonder if he knows what he has.  This property was a rental, but he should know how old the mechanicals are.   The inspector said the furnace filter looked like it had not been changed in DECADES, and was so gross!    Reminds me of lipstick on a pig!

 

It will be interesting to see what the end results shall be and hope the Seller will realize these items will be in the forefront with every inspection.

 

 

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Colorado Arapahoe County Aurora
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Rainmaker
3,621,869
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Joan - the choice "to move on" is an important one in the real estate process.  

Jun 01, 2020 08:25 AM #1
Rainmaker
3,445,405
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Joan... I've found that despite it being a seller's market here as well, buyers are not paying for lipstick on a pig. And when it's major repairs that are needed, I'm seeing sellers cooperate if they really want to sell their homes. Of course, here, once they know about critical issues like the ones you mentioned, they have to disclose it, which makes it harder to find the next buyer if the first one walks away.

Jun 01, 2020 08:44 AM #2
Rainmaker
872,135
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Home inspections are so important.  We suggest them to all of our buyers and our sellers.  Hope you have a wonderful day!

Jun 01, 2020 08:54 AM #3
Rainmaker
3,921,881
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Hi Joan Cox ,

I'll bet the seller will reconsider when they see the repair requests from your buyer. They would be smart to agree to make the repairs..most buyers are not going to want to inherit these mechanical deficiencies.

Jun 01, 2020 08:56 AM #4
Rainmaker
913,512
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Sellers cannot be blind to the issues which cause a sale to fall through. Major issues are always better to fix ahead of time. But, now, it is too late and they will be wise to listen to what the buyer asks for before insisting they will do nothing.

Jun 01, 2020 08:59 AM #5
Rainmaker
1,443,599
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

A move in ready home at a fair price will go very quickly. As a market we are dependent (in many ways) on relocation sales during the summer (with respect to the defense and space industry). Those are on hold right now but will open up soon.

Jun 01, 2020 09:23 AM #6
Ambassador
3,255,630
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

It is a unique tight rope walk for most buyers. Either you let some things slide or you lose the house...

Thank you for sharing your thoughts and insights Joan Cox 

Jun 01, 2020 10:42 PM #7
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Rainmaker
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Joan Cox

Denver Real Estate - Selling One Home at a Time
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