The All-Important Inspection
When you sell your home, the buyer will be including an Inspection Contingency in the purchase and sale agreement. This simply states that the sale of the home is "contingent" on the buyer's approval of an inspection of the home.
This entails the buyer conducting an inspection within the timeframe specified in the agreement. The buyer's Response to Inspection Report will include one of 3 responses:
1) Approve the inspection as is, removing the contingency
2) Request repairs or ask for credit towards repairs
3) Disapprove the inspection all together and terminate the sale
If the buyer request repairs, you can respond in any number of ways:
1) Decline making any repairs and risk terminating the purchase
2) Agree to repair the most critical items and refuse to repair the minor items
3) Agree to financial compensation for the repairs and let the buyer
make the repairs once they take possession.
4) Agree to all requested repairs
Our experience shows when buyers request repairs, the best option is to negotiate financial compensation. At this stage in the process you do not want to get stuck making repairs to a home that you won't be living in any longer. Plus, when the homeowner makes repairs there can be a concern that the quality of work may not be professional. It is best to let the new owners decide what level of repairs or replacements are needed.
So when the inspection report comes in, be prepared to face some issues. An inspector is being paid to find defects, and they will. Our job is to represent you and make sure that the inspection is negotiated in a manner that protects you.