Sellers and a Bad Home Inspection

Are you selling your home? If so, you are probably well aware that the buyer is going to order a home inspection before they finalize the deal. Is this something that you are worried about? Many sellers know that their home looks good, but it is the underlying issues that may give them a difficult time when attempting to complete a transaction.

The nice thing about being a seller is that you are not in charge of the home inspection. The buyer will set everything up, and then pay for the inspection when it is all over. The only thing that you have to do is make sure that you grant access to the inspector and buyer during the scheduled time. Your real estate agent should be able to coordinate this with the buyer, home inspection company, etc.

If the home inspection comes back bad, the buyer’s agent will touch base with your agent. At this time, expect things to change a little bit. First off, if something major was found, the buyer may want out of the deal altogether. And if their contract states that this is legal, you may very well have to deal with this situation. If they do not decide to walk away, they may want to negotiate with you a bit more. This could include making repairs, or dropping the asking price of the home. As a seller, will you be willing to do either one of those? Some sellers are not interested in lowering their price even if the home inspection comes back with some issues.

If a deal goes bad after an inspection, keep in mind that anything that is found will have to be disclosed to future buyers. This will definitely make it more difficult for you to find another interested party; especially if there is something seriously wrong with your home such as a cracked foundation, leaky roof, etc.

Overall, sellers do not have the control if a home inspection shows some flaws. Instead, the buyer is in charge because they have the power to walk away and send the seller back to the beginning of the process. So if you find yourself selling, make sure that you are prepared to deal with anything that may show up during the home inspection.