Attempting to sell your home can be an extremely stressful time. With all the preparation, cleaning and negotiating, it really isn’t fun for anyone. This feeling is only made worse if you receive a bad house inspection report. Now you have to figure out what this means for your selling efforts.
The first thing you should try to avoid is getting too worried. This happens all of the time, and it could be the result of a mistake, or even a grumpy inspector. In order to handle this situation, use the tips here.
Ask Plenty of Questions
The first thing you should do after receiving a bad inspection report is to speak with your real estate agent. There are probably some things going on with the home you are already aware of. However, you should still talk about them with the buyer, so you can reach a deal. There may also be issues in the report you did not know about.
When speaking with your real estate agent, and dealing with issues with the home, ask the following questions:
- Is it worth it to make the repairs or to compensate the buyer for the issues?
- Should the professionals be hired for the repairs, or is it a DIY project?
- How can you work out a new deal with the potential buyer?
Get Some Quotes
It is a good idea to contact several repair companies to find out how much the necessary repairs would be. This will let you know what a fair price is and how to negotiate with the buyer. Even if you plan on doing the repairs on your own, it is wise to know the cost, so you can adjust the asking price.
Adjusting the Sale
When you have the report in your hand, you have all the information you need to make adjustments. This may mean that the potential buyer is no longer “in the running;” however, being aware of what is going on will make interactions with another buyer easier.
The one thing you need to remember is that you need to disclose everything you have leaned about your house and the defects in the next deal to ensure issues don’t arise again.
Consider a Cash Sale
If you don’t want to make repairs, and your potential buyer has backed out, then the best course of action may be a cash sale. With this option, you can find buyers who are willing to give you a cash price to purchase the home “as is.” This will save you time and hassle in the long run.
As you can see, even if you get a bad report regarding your home’s condition, there are options and steps you can take. In some cases, if the fixes needed are significant, then using a cash for homes buyer may be the best option.