By Patricia Spangler
Inspection period during the home buying and selling process can be stressful but it doesn’t have to be detrimental to the ultimate sale if both parties are mentally, and otherwise, prepared. Agents who simply leave it to unfold without preparation are doing their clients a disservice. Lack of information and perspective creates contention and sets the tone for the remainder of the closing process. Sometimes the entire transaction can fail when the parties are ill-prepared.
When possible, sellers should repair or replace anything dangerous, faulty or needing attention prior to listing the home for sale. Since this is not always financially possible or even wise considering return on investment, they should complete a detailed property disclosure in order to inform buyers of any less-than ideal items that will convey with the property. Agents working with buyers should make sure their clients don’t just sign these disclosures with the contract, but that they actually read and understand them so they begin the process with eyes wide
open.
Many previously unknown items will turn up on an inspection report. Mental prep by agents can help curb expectations and offenses.
Many previously unknown items will turn up on an inspection report. Mental prep by agents can help curb expectations and offenses. If you are a buyer, you should expect a honey-do list to work on after you move in. Obviously, the age of the home will impact the length of your list unless the sellers have undertaken a complete and meticulous renovation. Your inspector will
inform you of these items in luminous detail; but you should not expect sellers to take a punch list of minor fixes and treat it like a builder finishing up new construction. Buyers and sellers contract to exchange used real property for a valuable consideration, hopefully with actual or—
at minimum—mental equity for both parties. A tacit promise of perfection in the property being conveyed does not exist in the transaction.
Sellers must also be prepared for some surprises after inspection. When items needing attention are significant enough, the property justifiably changes in value to the buyer. Therefore, the price should change or some other arrangement, like a closing credit, can be offered to the buyers to adjust the bottom line in an equitable manner.
Many agents and their clients need manicures after nail-biting inspection periods, but good communication by both parties can keep everyone stress-free and happy through inspections and all the way to the closing table.
