Your Makawao home for sale may be under contract, but before that “SOLD” sign in the yard can announce your good fortune to the world, there is one remaining hurdle to overcome: the home inspection. The anticipation of the home inspection report can be a nerve-wracking experience for both parties. What will it reveal? Are there hidden problems you were not aware of? Will the buyer make demands or walk away after reading the report?
What is a home inspection?
Home inspections are guided by the American Society of Home Inspectors and are designed to thoroughly evaluate the quality and safety of every element of your home. From rooftop to basement, the home inspection will determine the wear and tear of home systems, such as the roof, plumbing, electric, and air conditioning. The exterior and interior of the home will be inspected for signs of insect or water damage, as well as the strength of the foundation.
What will the inspection report reveal?
Typically a home inspection report will include three components: a description of what was evaluated and how, pictures of any problem areas, and recommendations for repair. The inspector strives to alert you and the buyer to every possible issue that will add expenses to home ownership, either now or in the future.
Is it common for buyers to require a home inspection as a part of their purchase offer?
Most buyers will make “Pending successful home inspection” a part of the offer to buy the house. To do otherwise would be unwise. It’s far too easy to paint over a water spot or fail to see the wear and tear on a roof, and agreeing to a home inspection is a good-faith gesture that enhances your credibility as a seller.
Who has access to the inspection report?
Copies of the finished report will be provided to both the buyer and the seller. Take the time to review it carefully and reach out to the inspector with any concerns or questions about what is revealed.
What are my options once the report is in hand?
Your buyer’s decision to purchase your Makawao home for sale likely hinges on what happens next. Consider your options carefully, and ask your ‘Ohana Real Estate Team for advice as they help you determine which course of action is best and negotiate the terms of the agreement. Below are a few options you can take after the inspection.
Make all of the recommended repairs.If the findings in the inspection report are minor and can easily be fixed, go ahead and do so. Provide receipts and proof of the work done to the buyer.
Make some repairs.Depending on your ability to invest more in this home, you may want to take care of a few of the recommended repairs. Discuss what you are willing to do and what is a priority to the buyers before beginning the work. Their priorities may be different from yours.
Fund the repairs.Many sellers have urgent deadlines and need to be finished with the sale as quickly as possible to move forward with the next chapter of life. In this case, offering a lump sum of money as a seller’s credit or concession to help cover needed repairs can be a pleasing option for both parties. The seller doesn't get tangled up in more repairs, and the buyer can use the money as they prefer with the technicians and renovators they choose.
Lower the asking price.Decreasing the cost of the house is a good-faith gesture that means the buyer will be paying what the home is worth in its present state, and it saves the seller from having to hand over cash at closing.
An ounce of prevention
If you suspect something is not right with your Makawao real estate or would simply like the peace of mind of knowing your home has already been thoroughly inspected, why wait for the homebuyer to request an inspection? For a condo inspection, you can expect to pay around $450-$650. If you live in a single-family home, the price can be as much as $850 for an average-sized home. If the home is larger than average, then the inspection price could be higher.
Get expert advice
For wise counsel on home inspections, contacts of reliable inspectors, and all of your real estate needs, reach out to the experts of the ‘Ohana Real Estate Team. They will gladly answer all of your questions and help the process of relocation go as smoothly as possible. Give them a call today.