It's no question that the past year has been crazy for both buyers and sellers. Low inventory, meaning not enough homes on the market, means that sellers have been getting dozens of offers for their homes and as a result of demand, houses are selling for more than ever before.
Buyers are doing things like waiving home inspections and offering sellers free rents back for months after the sale.
Waiving a home inspection poses obvious risks for buyers. So what can you as a seller do to make ensure that you are transparent about the condition of your property, all the while giving the buyers peace of mind?
You can have a pre-listing home inspection. A home inspection can serve a multiple purposes.
1. If you're selling AS-IS, it will let the buyer know what items in the home need attention.
2. It will let you know what areas you can address prior to listing.
3. It can serve in place of a buyer's inspection and make buyers more comfortable making a non-contingent offer.
A few weeks ago, I opened my personal home to Donofrio & Associates for the purposes of conducting a home inspection.
Donofrio & Associatiates conducts their inspection in three Phases: Phase 1 is a top-down approach of the exterior of the home. Phase 2 is a look at the major mechanical systems in the home including water heater, plumbing system, location of all water shut offs, electrical panel and electrical systems and HVAC. Phase 3, start at the lowest level and move up through the house clockwise, looking at interior walls, ceilings and floors, testing doors, windows, outlets and plumbing fixtures. Also kitchen appliances. Lastly, the inspector will go into the attic, roof sheeting, insulation, attic interior and structure. Safety and functionality. Report Acceptable notated in green, Marginal, notated in orange, or Defective notated in red.
Acceptable means it is functioning well and properly. Marginal functions on day of inspection, should be monitored for near future repairs or replacement. Defective simply means it's not functioning correctly. Each item will have a comment associated with it.
The report will be provided to your agent so you can decide which steps to take.