You’re finally there. You spent months determining your family was ready for a backyard upgrade, the kids are going to high school soon and you want them in a top school district. You researched and found a real estate agent you trust. You decluttered and staged your home to perfection. And you got an offer $5k above asking. Contracts were signed and your kids helped you start packing up the rooms where they had spent their entire lives up until today. It was bittersweet, but you knew it was the right thing to do.
Then, the inspection is ordered as part of your home sale transaction. The inspector discovered a leak from a pipe in your basement that had slowly been seeping out water for years. It’s an incredibly costly and time-consuming fix, given there is wood rot. The buyer is worried and pulls out of the sale, and the contingent offer you made for your new home is now in jeopardy.
According to HomeAdvisor, the average cost per hour for a plumbing issue ranges from $45 to $200*.
Now your home is back on the market. Previously interested buyers are asking questions, and they’re offering far less since they question what happened during your transaction. Time is not on your side.
What if the whole predicament could be avoided?
Beyond costly plumbing issues, issues that come up during inspection may include roof damage, mold, structural issues, pest issues, parts of a structure that are not building code compliant, and more.
Inspection is one of the most contentious points of re-negotiation and often leads to significant delays in a home sale transaction. When you enter a contract without it, both the buyer and seller are faced with:
- Lower certainty on final costs
- The potential for a high-stress renegotiation
- Delayed closing
A More Logical Journey
Working with a brokerage that puts the inspection upfront can help avoid late-in-the game heartbreak. For instance, if you list and immediately get a free home inspection, you avoid surprises that can shut down a sale by being able to take the time to review important fixes. By having more time, you can also do a more strategic job in sourcing the most cost-effective contractors.
In doing so, you can make an informed decision on the ways you price your home and have more time to make changes or be upfront with buyers regarding what they can expect as part of your sale. Or communicate that your home is being offered as is, and they’ll have to budget for the repairs that are important to them.
And one of the most critical benefits is having certainty around closing at your contract price. Without drastic surprises on the true condition of the home, renegotiations, and headaches, can be avoided. Instead, you can expect to sell your home quickly at a price that makes sense.
But What About All the Other Milestones?
There are other ways that sellers can reduce uncertainty in their home sale—for instance seeking buyers without certain contingencies like financing. Are you familiar with the concept of a cash-like offer? Learn more about it here. Related to financing is the potential that a home doesn’t appraise. Finding out if a house is valued properly, having financing guaranteed, and knowing there are no major issues with the home that require renegotiation, it means you’re most likely going to have a successful closing. You can read about common contingencies here.
A Better Future
As the real estate industry becomes more digital, and with it, customer journeys are improved, it makes sense that potential deal breakers can be avoided.
While some sellers may be concerned that large issues may turn off buyers, the truth is those issues come out either way. The sooner you know, the more control you have over how you want to approach them. In the end, transparency benefits both the buyer and seller.