| Atlanta Homes/ Atlanta Ga Real Estate / Atlanta MLS/ Decatur Ga Real Estate / Keller Williams Atlanta |
|
|
 |
|
Preventing a Deal Killer - By Tim Russu, owner/operator of Home Inspcetion Master, Inc.
Presale inspections can detect critical property defects.
An inspection contingency makes the sale contingent upon satisfactory inspections.
If inspections reveal objectionable defects, the buyers may have the option to void the contract without penalty. Or, the contract might give the sellers the opportunity to remedy defects at their expense before the buyers can call off the deal.
In either case, this could mean bad news for sellers who toiled diligently to prepare their home for sale or who were counting on a quick sale for financial reasons.
The Recent emphasis on inspections is convincing many sellers to order presale inspections before they even put their homes on the market. Others wander if these inspections are necessary or merely a waste of time and money?
Some sellers think it's ludicrous to have their home inspect3d in advance of a sale. What's the point when the buyers will surely want to choose their own inspectors?
The main reason for sellers to order presale home inspections is to give them more control over the course of the sale transaction. Before a home is on the market, the sellers are in control. The have sole discretion in selecting the realty company and agent that will represent them. They decide what fix-up-for-sale projects to complete and what, if any, inspection reports to order. But after you're on the market, the balance of power often shifts to the buyer. One seller put his home on the market without ordering any presale inspections other than a wood-destroying pest and organisms inspection ( also called a pest or termite inspection). The buyer purchased the property "as is" regarding the seller's termite report.
The buyers subsequently hired a home inspector to thoroughly inspect the property. The results indicated far more work was needed than was detailed in the seller's termite inspection. The buyers backed out and the seller had to put his home back on the market.
ItÂ’s wise for sellers to order a presale termite inspection. But the scope of such an inspection is limited to wood-destroying pests and organisms. ItÂ’s beyond the expertise of most termite inspectors to comment on the condition of home systems, such as the foundation, drainage, roof, plumbing, heating and electrical. To provide a buyer with a more comprehensive picture of a homeÂ’s condition, itÂ’s necessary to hire a home inspector.
When the seller in the above example put his home back on the market, he made the buyers; home inspection report available to potential buyers. The property sold again. This time the deal stuck because the buyers had a more comprehensive picture of the property condition before they made their offer.
The primary reason to order a presale home inspection before marketing your home is to reduce the chance of a purchase transaction falling apart due to defects discovered during the buyerÂ’s inspections. This can save you time and money.
For example, suppose you have already purchased another home. A quick sale of your current home will reduce the cost of carrying two homes. A situation like the one described in the example above could cost you plenty.
Another advantage of obtaining presale inspections is that you can correct defects before you put your home on the market. This could increase the appeal of your home and result in a faster sale for a higher price.
Even if you order a presale home inspection, you should encourage buyers to obtain any inspection of the property that they deem necessary. Inspections protect both buyers and sellers from after-closing disputes regarding property defects.
This article was published in the Gwinnett Daily Post, The Coweta Citizen, The Barrow County News, Rockdale/Newton Citizen, Douglas County Sentinel and has been reprinted with permission.
|
|
|
|
|
|
|
|
|
|
|
| Copyright ©2000-2008 The Britting Group®. All information provided is deemed reliable but is not guaranteed and should be independently verified. Problems, comments, suggestions, corrections, or something to add? Please take the time to Contact Us. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1957 Lakeside Pkwy
Suite 520
Atlanta, GA 30084 |
678-252-1991, Office
404-420-2322, Fax
Contact Us Now!
 |
|
|
|
|
|
|
|
|
|
 |
|