Congratulations! You have your home that you are selling under contract. The next step in the process is the inspection. Usually the buyer will hire an inspector to inspect the property. What do you need to know about an inspection?
Inspection, What you need to know
The inspection is the buyers opportunity to fully examine the house that they have under contract. Most buyers will hire a professional inspector to conduct the inspection for them. This is not required. The buyer can conduct their own inspection, they can have a friend, contractor or parent conduct the inspection. It is the buyers right to spend time in the house and inspect. The inspection typically lasts from one to three hours. During this time the person inspecting the property will look at everything from roof to foundation and everything in between. The purpose of the inspection is to give the buyer a clear picture of what they are buying. Ensure that the buyer and “inspector” have access to all working components of the home and that they are easily assessable! Inspection is completed, then what happens?
Inspection is complete
After the inspection, if a professional was hired, a report will be provided to the buyer. This report, will put in writing, the findings of the inspector. The report will list safety concerns and items not working as intended. It may also mention maintenance issues that need to be addressed. The buyer will review the report with their real estate agent. What happens next?
What will the buyer ask for?
The next step in the inspection process for the seller is that they will receive an objection from the buyer. This does not always happen. Sometimes the buyer agrees to accept the property as is. The objection will outline what the buyer would like to have the seller take care of prior to closing. As the seller you can provide a credit to the buyer, do nothing or fix the items that the buyer is requesting. As the seller it is important to ask yourself, are these items that any buyer would request, or are these buyers being unreasonable. Talk to your agent about what is reasonable and get a feel for how to proceed. Once you and the buyer have agreed on what shall be done, you have made it through inspection. Now, as the seller, you know what you should know about the inspection.
No more questions?
Hopefully this clears up any questions you may have as a seller about the inspection. If you work with me I always provide individual consultations regarding how to handle the inspection objection once received. This can save you many dollars. I also have trusted trades people that can get the job done for the lowest cost and the least hassle. If you have specific questions I am always here to help.