So, the results are in and they’re not what you wanted to hear. When you’re selling your house, getting bad inspection results is a very real possibility.
What should you do if the inspector comes back to you and your potential buyer with damages that require expensive repairs? Keep calm and follow this checklist from the experienced realtors at The Degnan Group to tackle the situation.
Step 1: Keep an Open Mind
The most important thing to do when you receive less-than-stellar inspection results is to keep an open mind. This doesn’t automatically mean you need to shell out thousands of dollars for the repair. Instead, decide what works best for you.
Do you want to make the repair yourself, accept a lower price for the home so the buyer can make the repairs, or simply let the buyer pull out and wait for a new offer? Your decision depends on your timeline and the severity of the damages that the inspection turned up.
Step 2: Get Quotes for the Repairs
When it’s time to make the call, the best way to do so is with a thorough understanding of what the repairs will cost. Now that you know the extent of the damages it’s time to call specialists in the area for a quote. If you can, compile three or four quotes to help you make the right financial decision.
Step 3: Call a Meeting With the Buyer
See what they have to say. You have a timeline and priorities in mind when it comes to your sale, and they do too. Sometimes, a buyer wants to close fast and will assume the repairs for little to no credit on your side. Other times, damages are a deal breaker and they will back out of the sale no matter what you offer on your side. Go to the meeting with a clear plan for what you’re willing to offer, but accept that things may not turn out the way you want them to.
Step 4: Move Forward With The Sale
If you can work out a deal with the buyer, great! Both of you can move forward with the sale. If not, no worries. Work with your real estate agent to decide how to progress from here. You’ll either need to schedule and complete the repairs on your own or change the asking price to reflect the new information. No matter what you choose, your real estate agent from The Degnan Group can guide you through the proper steps.
Tips to Prevent Surprises from the Home Inspection
Outside of this checklist, The Degnan Group also shares more tips to help prevent surprises from the home inspection.
Most importantly, you should always be honest and upfront with your potential buyers about every aspect of your home. For example, if buyers know that the roof is 30 – 40 years old and that age is already reflected in the selling price, when the inspection results come in suggesting a new roof will be needed soon neither you nor the buyer will be caught off guard.
If you truly want to prevent any unpleasant surprises from popping up, you can also arrange an inspection of your home before you put it on the market. This will help you have a clear idea of the exact condition of your house and price it accordingly. If you’re on a tight timeline and want to make the sale fast, this is a great way to speed up the process.
Handle Bad Inspection Results With This Guide from The Degnan Group
The Degnan Group has over 150 years of combined real estate experience, which means we’ve seen a broad range of inspection results come in.
If this happens to you, the most important thing to do is keep an open mind so you can move forward. Then, get multiple quotes for the repair from local vendors. Next, call a meeting with your buyer and your real estate agents to work out a compromise. Know your options and decide what’s best for you ahead of time so you can go in with a clear agenda.
Finally, complete the sale with The Degnan Group by your side. Working with an experienced real estate agent can make all the difference when it comes to negotiating after an inspection turns up damages. They can talk you through all the options that you have and explain the financial repercussions of each one. They can also help connect you to reputable companies for fair quotes and ensure that your negotiations with the buyer go smoothly.
Anyone who puts their home on the market may get some surprising inspection results. You can avoid a sticky situation from arising with a potential buyer by scheduling your own inspection before listing, being honest about your home’s condition when you put it on the market, or by simply keeping an open mind and working closely with your real estate agent to resolve it.
Are you ready to sell your house in the Toledo market? If so, call The Degnan Group to get started today!