IT'S TIME TO SELL THE HOUSE
Clear the clutter, clean the house and paint the walls. Check.
Water the lawn, pack a few boxes and update the fixtures. Check.
READY? SET? STOP!
I recommend that seller's hire a professional inspector to check all major systems of their house prior to going on the market so that when they receive a contract from a buyer to purchase, they stand a stronger chance of making it to closing and walking away with as much equity as possible.
-THE OPTION TO BAIL OUT OF THE DEAL-
In Texas, when a buyer offers to purchase a home, the offer includes an Option Period as well as an Option Fee. The Option period is a negotiated period of time for a buyer to back out of the purchase for any reason or no reason at all. The Option fee is a negotiated amount of money that a buyer pays directly to the seller for the unrestricted right to back out of the deal. During the Option Period, various inspections are performed including a general inspection where a profesional inspector is hired to find out if anything is wrong or is about to go wrong with the house.
After the inspection is complete, a report is generated that provides a buyer with extensive details on every system in the house. The buyer uses the inspection report to help determine if they will move forward with purchasing the home or not. Sometimes, a buyer is satisfied with the inspector's findings and moves forward with no additional negotations. More often, one of the following takes place:
- The buyer requests that the seller have certain repairs performed to their satisfaction by licensed contractors and completed prior to closing.
- The buyer asks for a price reduction or credit at closing to pay for repairs themselves after they own the house.
- The buyer terminates the contract and walks away.
-MOST OF THE TIME, THE BUYER WANTS THE MONEY-
It's hard to blame the buyer for wanting to handle the repair themselves and make absolutely certain that the work is done correctly. Asking for the credit makes sense and I recommend to buyer's to have the repairs taken care of themselves when possible.
YOU WANT HOW MUCH FOR THE REPAIR?
I've seen the most commonly requested electrical repair range from a request of $25 to $900 in the last year. I've seen a slow draining tub repair request come in at $200 when Liquid Plumber will do. I've seen repair credit requests for "non-operating windows" on windows that weren't meant to operate. When I've asked where the numbers came from, I've been told that they are good guesses.
-ELIMINATE THE NOT SO GOOD GUESS WORK-
Why not get the house inspected before it goes on the market by an experienced, licensed inspector?When our sellers follow our advice and have the pre-inspection performed, they know what to expect and they know how much the expectation is worth in terms of dollars and cents. They gather bids for any recommended repairs, hire licensed trades to fix as much as possible and then they price it right based on its current condition. In the end, the sellers who pre-inspect save time, money and hassle and maintain better control of the repair negotiation versus the seller who skips this important step.
-ARE ANY OF THE REPAIRS COVERED UNDER EXISTING WARRANTIES? SAVE MONEY-
Is your home covered under a residential service contract or home warranty? Be sure to check your appliance and contractor warranties before you hire the repair man and write checks!
Remember: In this market, buyers often don't mind a few repairs if they can get the right house within their price range. Attach the inspection report, along with a brief explanation of what has been fixed & the remaining repair estimates to the Seller's Disclosure notice and eliminate surprises on your way to the closing table. Hall Team Homes listing agents know how to present the information to home buyers and their agents in such a way that creates a no nonsense approach to selling your home.
***Questions? Comments? Looking for more advice about selling a home in Arlington, Fort Worth, Grapevine, Colleyville or Southlake? Contact Amanda Hall, Realtor, Broker/Owner of Hall Team Homes today. Our clients know the difference.