You have a right to know what the inspector found. Your inspection contingency is your legal right to receive this information. So when you receive a poor property inspection, make sure your agent shares with you what was wrong with the home. Some sellers choose not to go over each item since they are already aware of most of the deficiencies or just don’t want them repeated again – we get that – but as long as you can comfortably see all items from an inch away, anything serious enough will jump out at you as being a potential life-saving issue… and then some.
Reinspect
The key to selling your home fast is to understand the direct home buying process. Direct buyers have specific requirements that sellers must meet in order for a deal to be valid i.e. getting an appraisal, having all disclosures and inspections done, passing any and all FHA guidelines, etc., before even choosing you as their next cash buyer! Here are some tips on what you can do:
1.) Stop fixing up your house—direct buyers typically don’t purchase homes in this condition anyway. You will need those funds in order to make the necessary updates for a future transaction if we choose you as one of our home sale partners. However, if there are repairs that cannot be put off (having immediate electrical or water consequences) then get those taken care of immediately
2.) Find a qualified contractor that is available to come and take a look at the home to see how much the needed repairs will cost and then schedule those repairs with your service provider.
Renegotiate
To determine this, the first step is to survey local houses currently on the market. In a neighborhood of similar homes and styles, you should be able to find comparable properties selling in a price range close to that which you are seeking for your home. Use these figures as guides during your negotiations with buyers. For example: If a house that needs $20,000 worth of work is selling in your area for $150,000 then an offer at $140,000 or lower would be considered reasonable by most agents. If two offers come in at $110,000 and one at $145,000 then it would appear clear that the high bid is not acceptable either – unless perhaps there are special circumstances which might apply (such as being under contract with multiple buyers at one time).
Reconsider
Direct buyers have the ability to purchase your house quickly, meaning they can close in a matter of weeks. Imagine being stress-free and knowing that you’ve found an investor that will give you a fair price for your home.
When selling your home with a poor property inspection, your only solution is to go with an as-is or short sale listing. In this case, the home will be marketed as being in need of repairs which you are not qualified to do yourself and it will sell “as-is.” Otherwise, if you choose to repair all issues identified by the property inspector, this typically requires a couple of thousand dollars at minimum for things such as replacing seals around windows and doors, plumbing leaks, faucet fixtures, leaky toilets/leaky tubs – just to name a few items. If it’s a minor fix like removing some paint chips from the wall; clear sealing cracks in flooring; painting where needed… then that’s usually moderate cost.
You can rest easy when you work with the direct buyers at HBR Colorado, who offer solutions for any situation. Colorado Springs, home sellers can avoid all of the stress and hassle accompanying a less than adequate property inspection by calling HBR Colorado at (719) 286-0053 or sending us a message today.