Century 21 North East - Norton Group RE



Posted by Century 21 North East - Norton Group RE on 1/26/2020

Getting a home inspection is usually built into the purchase contract for most real estate transactions. A home inspection contingency protects the buyer from getting any unwelcome surprises after they buy the home (think water damage or an HVAC system whose days are numbered).

In some cases, home inspections are the defining moment between a sale or moving on to other options.

In todayís post, weíre going to talk about the reasons you might want to get a home inspection whether youíre buying or selling a home.

Home inspections for buyers

Thereís a reason most real estate contracts come with an inspection contingency. Expensive, impending repairs on a home can greatly affect how much youíre willing to offer on a home, or if youíre willing to make an offer at all.

Some buyers opt out of an inspection. This can be done for numerous reasons. The most common reason is that the buyer has a personal relationship with the seller and has faith that they are getting the full story when it comes to the state of the house. The other reason is that a buyer is trying to gain a competitive edge over the competition on a home, sweetening the deal by waiving the inspection and paving the way for a quick sale.

Both of these reasons have their flaws. For one, the seller might not even know the full extent of the repairs a home may need and an appraisal might not catch all of the issues with a home.

Another reason a buyer may waive an inspection contingency is because the seller claims to have recently had the home inspected. While this may be true, buyers should still opt to hire their own professional. This way, they can guarantee that the inspection was done by someone who is licensed and has their best interests in mind.

Home inspections for sellers

As weíve seen, home inspections are typically designed to protect the interest of home buyers. However, sellers also stand to gain from ordering their own home inspection.

If youíre planning on selling within the next six months to a year, it will pay off to know exactly what issues the home currently has or will have in the near future. This will give you the chance to make repairs or address issues that could cause complications with your sale. You donít want to be on your way to closing on an offer to suddenly realize you need to pay and arrange for a new roof.

So, whether youíre a buyer or seller, home inspections can be immensely beneficial to learn more about your home or the home youíre planning on buying. It will help you be prepared to make repairs if youíre a buyer. Or, if youíre a seller, you can make a plan to negotiate repairs with the seller based on the findings of the inspection.





Posted by Century 21 North East - Norton Group RE on 4/2/2017

Months could pass before you find the perfect house buyer, the type of person who you feel confident will take care of your current home after you sell it and move out. The longer it takes to sell your house, the more tempted you could become to lower the price on your house, putting yourself at risk of losing money.

Thatís not the only potentially costly temptation that might start nipping at you. To sell your house, you could get tempted to keep certain facts about your house to yourself. It could help you to land a quicker sale. It could also cost you, as there are certain types of information that you are required to disclose to someone before they go through with buying your house.

You canít keep these things about your house a secret

Each state requires you to disclose different types of information. However, you regardless of where you live, you are required to tell home buyers about problems with your house that lower the propertyís value. For example, if you know that you have a hole in the roof, you may need to disclose that information. Painting over water stains on your walls could be a wrong move if you paint in effort to conceal a problem and donít share the information with a buyer.

Some states require you to complete a disclosure form. In this case, you may have to list out all known defects and problems with your house in writing.

Lead and asbestos problems are items that you may be required to disclose. Again, this depends on the specific laws in the state where you are selling a house.

You may have to sign a disclosure form. Should you knowingly omit a defect from the disclosure form, you could be held legally liable for damages. Two steps that you could take to protect yourself are to get your house inspected by a licensed inspector and have the inspector list out known defects. You could also include legal wording on a disclosure form that protects you from unknown defects that the buyer later discovers at the property.

Allow honesty and transparency to pay off

Selling your home could take longer that you want, especially if the market is tight. A downward shift in the economy or job market could also force your house to stay on the market longer than you anticipated. During this time, continue to maintain your house. You could even add one or more upgrades to your houseís interior or exterior to increase your homeís value and potentially attract a buyer.

What you donít want to do is decide to keep certain, required information from house buyers. The latter choice could find you in court. Treat home buyers to the same respect that you want when youíre house hunting. Give home buyers the right information that empowers them to make the best decision. After all, the decision to buy your house may impact someone and their family for years,perhaps decades.




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