As the seller of a home, one of the sweetest sounds you can hear from your real estate agent is, “You’ve got an offer.” This is particularly the case if the buyer is well-qualified, and a final price is agreed on by both the selling and purchasing parties.
But what happens if you have an air-tight contract on your home and costly repair issues are found during the home inspection?
In some cases, items that require repair or replacement could end up nullifying the contract altogether. So, even though spending time and money on these isn’t necessarily pleasant, you have to weigh the potential “cost” of losing the entire sale.
Depending on what a home inspector finds, it is typically recommended that you – the seller – focus on areas and items that are considered hazardous or dangerous to occupants of the home. These can include:
- Major electrical defects
- Significant plumbing issues
- Termites (or other wood-destroying insects)
- Infestation of wildlife (such as bats or squirrels)
- Elevated levels of Radon
On the other hand, updating or replacing items that are considered to be more “cosmetic” can often be avoided when you are the seller. Some examples of these would be:
- Staining a wooden deck
- Repairing or replacing cracked tiles
- Minor water damage (especially if the cause of the issue has been addressed)
- Loose fixtures, doorknobs, and/or cabinet handles
In lieu of making certain repairs or replacements, it is possible that you could offer the buyer a credit on the price of your home. For instance, if there are cracked seals in some (or all) of the windows, you could provide the seller with a certain dollar amount that is essentially deducted from the total price of the property.
Oftentimes, going this route can save you a tremendous amount of time because it prevents you from having to schedule the repairs (and wait for the job to be completed). Giving a credit to the buyer can also allow the purchaser to choose items that are more suited to their own taste.
If you’re considering a move in the near future, contact us for important tips on how to properly price your property, as well as how to make it attractive and stand out to potential purchasers.