If you are thinking about selling your home, you will need to consider that potential buyers will most likely order a home inspection to be done prior to closing. If buyers are financing the purchase through any kind of loan, a home inspection will be required by the lender and issues that are found will have to be fixed. According to a survey done in 2003 by the National Association of Realtors (NAR) and the American Society of Home Inspectors (ASHI), 80% of all real estate deals are conditional on a home inspection. So what does this mean for you, the seller?
Imagine the scene. You listed your house and are thrilled that you have secured a contract for sale for very near the asking price. You had to agree to pay all of the buyer’s closing costs, which will amount to $5,000, but you will still make enough to pay off your existing mortgage with a little to spare. Then comes the inspection. You thought your house was in pretty good shape and didn’t expect any major issues to be found. This surprise is not a good one.
“Issues found during a home inspection can range from installing a new roof to fixing foundation issues to completely rewiring a house to changing out plumbing,” said Bryan Schroeder, owner of FasterHouse. “Homeowners can spend thousands of dollars unexpectedly making repairs on properties that home inspectors have found.”
What this means for the seller is they will either have to fix the problems that are found to the satisfaction of the buyer and the inspector or reduce the price the buyers will pay for the property. In 2014, the National Association of Expert Advisors (NAEA) stated that for every $1,000 of perceived defect, the buyer will ask for a $3,000 – $5,000 reduction of the asking price. Whether you repair the issues or reduce the price, both can be very costly on the bottom line.
“After adding in closing costs, repairs of inspection items and commissions, sellers can easily be looking at expenses in the tens of thousands of dollars before they close,” said Schroeder. “We encourage sellers to consider an offer from an as-is home buyer, as they may be surprised that they can avoid the time delay, stress and hassle and make basically the same amount they would have made listing their home.”
If you are thinking of selling your home and looking at your options, FasterHouse would love to talk with you. Our buyers will make a no-obligation offer to buy it as-is. FasterHouse requires no inspections or appraisals and we charge no commissions on the sale. We are cash buyers, so there are no issues with financing. If you like our offer, you set the closing date when it is convenient for you and then leave with a check in hand at closing. No stress…no surprises…no unforeseen repairs. Just quick and easy!
Interested? Call us at 314-926-0660 or fill out the form on our website. We would love to talk with you!