Home Inspections/Improvements

Ever wondered about the merits of home inspections? Often the key to a faster and more productive home sale is knowing the condition of a home. A home sells because of a buyer's perception. Legally and ethically, a sales representative must be honest and open about the condition of your home. One way a sales rep can do this is through the vendor disclosure statement (where the seller answers specific questions concerning the home's condition).

Another way is through a pre-listing home inspection. 'Isn't this supposed to be at the buyer's expense'?, I've been asked. It can be. Or, to add that extra assurance, you can undertake to have one done in advance so you can be sure there are no hidden deficiencies which may make a future sale fall through. Case in point. I recently came across a transaction where a home inspection uncovered deficiencies to the tune of about $15,000. Well, we had three choices.

The buyers could walk away, allow the vendor the opportunity to remedy the situation to the buyers? satisfaction ( we had included wording that allowed the seller the opportunity to correct any deficiencies found), or, return to the negotiation table to re-negotiate the purchase price to reflect the work that had now come to light. The seller chose to re-negotiate. So, the buyer paid $15,000 less than they had originally intended, but, took on the extra expense of the repair work.

You can bet there were some heated discussions over whose responsibility it was to ensure the asking price properly reflected the repair work needed. Realtors are put in a tough position here. It's not alway easy to estimate the costs or requirements for repair. Not to mention that a Realtor may not have the experience to advise what repair work is required. Small stuff, maybe, but the big stuff should be left to the professional contractor. When in doubt, I'd recommend having a pre-listing home inspection done. You then can use this as one of your enticements to purchase. A home inspection offers tremendous protection to buyers and really benefits all parties to the transaction.

Environmental Testing and Challenges