The inspection contingency in your sales contract is an inescapable reality with a traditional real estate transaction. Many Indianapolis home sellers fear the unknown of what lies behind their walls or under the floor. So in order to avoid as many surprises as possible from a bad home inspection during the sales process, the best practice for home sellers is to have a pre-inspection before getting an offer. However, even if you have a pre-inspection you’re not guaranteed to have a simple sales process. Every home inspector is different and fixing the issues that one inspector identifies doesn’t mean the next inspector won’t rip your house apart with different discrepancies. In this posts, we’ll explore what Indianapolis home sellers should do if they’re faced with the results of a bad home inspection.
Reinspect
It’s not beyond the realm of possibility that the home inspector screwed up. Heck, some inspectors have screwed up so badly that they’ve faced lawsuits for inaccuracy. If you find yourself seriously questioning the inspector’s professional knowledge or motives after getting a bad home inspection then you should ask for recommendations for a highly reliable inspector from a trusted real estate expert like the professional investors at 317 Home Buyers. Because direct buyers work with a team of the most respected experts from every walk of the real estate industry, they can easily guide you to a reliable inspector. This team is ready to quickly jump into action, as it is their full-time passion to help home sellers solve their problems. If the second inspection report should come out with the same poor results, it may be time to consider either making the repairs yourself or simply selling to a direct buyer who will buy your home as-is and provide you with a fair offer that details realistic expenses for each issue.
Renegotiate
After a bad home inspection, Indianapolis home sellers may have buyers that will go forward with the sale anyway. How the buyers choose to do so is dependent upon the deal’s terms. Bartering may be an option; perhaps the buyers have interest in a piece of antique furniture, large appliance, or other valuable possession. If that’s the case your buyers may have enough interest in to save the sale if you’re willing to part with something like that. While it may be a painful sacrifice, you may have to consent to the demands to keep your deal depending on your circumstances. Another option is that the buyer requires you to complete any repairs out of pocket before the sale progresses. Often, sellers find themselves in a quandary, knowing the repairs will increase value and save the transaction, yet lacking the funds to complete the repairs or the personal fortitude to go through living in a construction zone. Why not reach out for a quick alternative to direct buyers like those at 317 Home Buyers who will provide you with a no-obligation offer, which will help you sort out the reasonable requests from those where the buyers have crossed the line into ridiculous demands following a bad home inspection.
Reconsider
If the worst fear should come to fruition and the buyer backs out, maybe you should seriously consider changing course with your sales method. Maybe you just don’t have the time to resolve the flaws detected in the inspection, or you don’t have access to the finances the repairs will require. Because the disclosure process requires that any defects in the house that are known to you are disclosed to the next buyer, you’ll either have to make the repairs or sell the house as-is due to your bad home inspection. Your buyer pool is now limited to a select group of buyers who are willing to take on the problems with your house. It’s not uncommon to list as-is, but know that a traditional listing with known faults often will linger on the market. The longer a home sits on the market, the lower the price the seller is likely to receive. Every day on the market and every price decrease is on the listing. Time also costs you money as each month passes and your bills continue to pour in. While your property was already listed, the days are adding up as you work with your buyer, leaving you in a less than advantageous position. When offers come in, buyers will seek bargain basement deals and many will even make you insultingly low offers. Direct buyers want to see you get a fair price, so why not avoid the emotional roller coaster of waiting and being disappointed? The best part, your closing could be in as little as seven days. If you’ve had a bad home inspection and your buyer backed out, it may be time to reach out for a no-obligation quote from a professional investor like those at 317 Home Buyers.
Are you dreading the outcome of your home inspection? Why not just skip the sleepless nights and sell directly to 317 Home Buyers? We welcome you to contact us and share all of your concerns. At 317 Home Buyers, we take the time to listen to you and help save more of your money for you! You can rest easy when you work with the direct buyers at 317 Home Buyers, because we have the experience to offer solutions for any situation. Indianapolis home sellers can avoid all of the stress and hassle accompanying a less than adequate property inspection by calling 317 Home Buyers at 317-623-4734 or sending us a message today.