Performed by a licensed professional home inspector, a home inspection is a comprehensive review of the home that’s for sale, based on a visual evaluation and testing the home’s systems and components. The result is a home inspection report, which details the current condition of the home and alerts buyers to any major issues. Most buyers request a home inspection when buying a home so they can avoid spending thousands (or more) in unexpected repairs after closing, and to protect themselves from overpaying for the property. The home inspection report describes a house’s physical shape and identifies what might need crucial repair or replacement.
A home inspection contingency is an addendum to the offer contract that allows the buyer to conduct an inspection and then back out of the deal if they are unsatisfied with the findings. Occasionally (and most commonly in a very competitive sellers market), buyers may waive their right to an inspection in order to make their deal more appealing to the seller.
Sellers are often caught by surprise when a buyer’s inspection report comes back with a long list of repairs, even if the home isn’t very old. Here are some of the most common major issues that come up during inspections.
Depending on the terms of your contract, the buyer may do one of three things after receiving the inspection report on your home:
You have a few options, and should pick your course of action based on what makes the most sense for you financially and for your local real estate market. Here are some options:
As an “as is” seller, you also don’t have to go to the trouble of clearing out your belongings, going into an organizing frenzy, or taking the time for a deep cleaning. With the proper disclosures concerning the state of the house, your marketing will not be any less effective, and the buyers may let you leave some or all of your unwanted stuff behind.
When deceased parents leave their homes to their children, the best way to divide the value of the property is by selling it and distributing the proceeds among the siblings. In such cases, when no one has the time or money to prepare the house, it is best to sell “as is” in order to acquire and disperse the money quickly.
When the land on which your house sits is more valuable than the structure itself, it is typically best to sell the property “as is.” It makes no sense to improve a house that will be torn down for a new structure, therefore; selling “as is” may be in your best interest.
We would love to speak with you regarding any property you need to sell AS-IS! If you have any questions at all, please fill out the form below and we’ll contact you.