3 Points About Home inspection for Home Sellers
Thursday Feb 04th, 2021
What is a home inspection?
A home inspection is a process of evaluating a property of its current liveable conditions and potential issues of defects by a certified or licensed home inspector. Understandably, it can be nerve-wracking for a home seller but it is a necessary step to go through.
This article can help a home seller in preparing for the home inspection process on the selling of their home.
The home inspection process
The most common scenario when a home inspection occurs is when an offer to buy the house has been done. Usually, the potential buyer would like to make sure there are no major property issues or defects so they can prepare to negotiate repairs or decide if they want to move on to another property. This is part of the purchase contract commonly called a contingency clause.
The home buyer then finds a registered home inspector, makes an appointment with the home seller for about a 3 hours inspection around the property. The home inspector tries to follow an industry acceptable checklist and reports his findings to the potential home buyer and their real estate agent. The report includes major issues that need immediate repair and some minor issues for repairs in the future. These reports are not usually shared with the home seller until negotiations.
At this time, the home seller should not be on the premises to allow certain discussions between the home inspectors with the home buyer and their real estate agent.
Depending on the findings, negotiations usually follow between both realtors until a favourable final purchase agreement is reached and the house is officially sold.
This would be the ideal scenario, but in one out of twenty cases, home inspections can cause the purchase agreement to fall through or delays the final sale due to hard negotiations.
So what does a home seller do to be prepared or minimize the delay of selling their house?
1. Hiring your own home inspector
Home inspections can happen before a listing wherein the home seller prefers to know the current condition of their property.
They do this to be open about the issues and also serve as a baseline to minimize potential surprise issues before closing the sale. Two home inspection reports when done credibly will have almost similar major issues identified in the least.
They also have the time to mitigate small and manageable repairs of the house or include it in the purchase agreement.
A home inspection report is a good information to have to improve your home pricing and negotiation odds in terms of repairs demanded by the home buyers.
2. Trust your real estate agent
When home issues do arise, home sellers should lean into their real estate agent in finding the best way to negotiate with a potential buyer and their real estate agent and getting a plan in place for repairs.
A real estate agent can advise you what repairs you can do yourself, hire a contractor, and or offer repair credits or what can be ground for negotiations.
A good real estate agent also can help you determine common issues in the neighbourhood market going on so you can be aware of them.
3. Prepare your home for inspection
Home inspectors need the time and space to do what they are hired to do. It would be easy if they are able to work in a quiet environment that is ready for inspection. There is a list of COVID-19 recommendations that home sellers can follow outlined by the Canadian Association of Home & Property Inspectors (CAHPI). These guidelines can keep both the inspector and the household safe during the process.
It is best if home sellers are not around during the inspection process. If possible, take your furry pets and kids with you as well. The house should be clean and accessible. Ideally, the rooms should also be decluttered so the home inspector can check conditions and spaces with no obstructions.
This would leave a good impression on both the home inspector and the potential home buyer and make the process easier and less awkward for everyone.
Any home inspection is not a harbinger of doom, if a home seller makes the necessary preparations and educates themselves on what to do, it would become easier to go through the process and make a successful property sale. Partner with a professional real estate agent to help you navigate this necessary procedure and negotiations. Consult with JoAnn Visaretis for your real estate needs.