What Happens If There Are Issues With A Home Inspection
January 13, 2022While home inspections are not a requirement during the escrow process, they can help ease buyer concerns. However, inspections can put sellers on edge, and for a good reason. While home inspections are not pass/fail assessments, the results can directly impact whether your home sells in a timely manner. If you got less-than-stellar results on your home inspection, our title agency is here to teach you what comes next! For more information about the home inspection process, check out our article on what to expect during a home inspection.
Additional InspectionsHaving multiple opinions from different inspectors can uncover different issues or find parts of the home that aren't an issue. In addition, factors such as how long the inspector has been in business and their field of expertise can affect how the home inspection goes. If you disagree with the findings of the first inspection, you can order a second inspection. However, be prepared as the buyer may insist on a third inspection. You can also consider different types of home inspections for more specialized assessments.
NegotiationsIf the assessments by the inspector are realistic, negotiations with the buyer can begin. Depending on the issues and their severity, the buyer may want to proceed with the purchase as-is. Buyers may also request that you lower the asking price to reflect how much it will cost to fix the issues or may request that the seller fixes the issues before moving ahead with the sale of the property. Of course, if you cannot find a compromise, you can find another buyer.
RepairsIf the buyer requests the seller to complete the repairs before proceeding with the home sale, be sure to hire licensed, experienced companies to complete the work and keep every receipt. This way, if any of the work comes into question, the responsibility falls on the company you hired. Additionally, check with your homeowner's insurance to see if they cover the cost of any of the repairs. Just be sure to reach out to them before hiring anyone to complete repairs.
If It Goes Back On The MarketIf the buyer decides to back out of the sale due to issues uncovered in the home inspection, it will become available again on the multiple listing service, which can be a red flag for future potential buyers. Buyers may question why the first sale did not work out, and you will have to disclose the inspection report and be honest about the previous buyer's reasoning. However, if you've had any repairs done since then, it can be helpful to provide this information to the next buyer to show changes made to the house. Be prepared, as they may ask for an additional home inspection.
For reliable title and escrow services, you can depend on the professional title closing agents at Key Title & Escrow. Contact us today to request our services!