What am I Required to Complete on a Home Inspection?
In the process of selling your home? Your potential buyers will probably have a home inspection completed on the property in order to fully understand and know the home and the land on which it sits. You cannot be there for this inspection but the potential buyer, the inspector and maybe the agent will be present during this routine inspection. An inspector will go over the entire property from roof and attic to foundation and the property in general making notes and taking measurements of everything. This inspection will take anywhere from 2 to 4 hours and then the buyer will receive a full report of the inspection plus any areas of concern or hazardous issues. It is then up to the buyer and the buyer's agent to negotiate any or all terms of the inspection requirements. Buyers can simply sign off on the inspection if everything looks good or they're willing to complete any issues themselves. More often than not, buyers will request at least some issues to be handled by the seller.
This is a delicate dance between the buyer and the seller with advice from the listing agent and the buyers agent on how to proceed during the negotiations for repairs or replacements.
Carefully go over the entire report to fully understand what the inspectors saw and what they recommend. If the buyer only chose a few of some of the smaller items on a list of many other items needed, it would probably be reasonable to accept repairs and replacements that were requested. It's about being reasonable; if the buyer requests everything it might be a good idea to negotiate some of the more important items. This is where your emotions also need to be kept under wraps. You don't want to lose the sale because you refuse to change out a light switch or something simple. Of course, sellers look at it from their standpoint as well in that the buyer doesn't want to lose the home over something so simple either. Frustrations can run high but if you take emotions out of the equation and simply negotiate for a good balance it can create a win-win situation for all.
You don't have to complete everything on the inspection but if you say you will, then you must, otherwise the deal may fail to close on time. Buyers will have a final walk-through on the property to verify any work completed. Sellers will usually have to present proof of professional repairs if needed.
If you feel that the buyer is being unreasonable and requesting items or replacements far beyond the scope of natural order, you can terminate the deal or simply refuse the requests. The buyer may walk away or may come back and negotiate depending on how much they love the home.
READ MORE Do I Need an Additional Inspection?
The biggest advice I can offer is try to keep your emotions out of the home buying and selling process. It can get frustrating but the buyer just wants it all and you want the best price. Find somewhere in the middle and it usually can work out for the best.