The inspection of a North Metro Denver home is important for both the buyer and the seller. For some sellers it can be stressful because they worry the inspector is going to find something terrible is wrong with their home. It’s important to get an experienced and certified inspector to go through the home and produce a report which will give the buyer peace of mind. The goal of the inspection is to inform the buyer about the integrity and condition of the home. This means the good and the bad.
Who pays for the home inspection?
The inspection is part of the buyer’s due diligence. The buyer hires the inspector to work for them, and so the buyer pays for the inspection. A typical home inspection will cost around $400-$500, depending on the size of the home. Real estate agents are not permitted to hire an inspector for the buyer. However, they can provide a list of recommended inspectors. A seller could do a reverse inspection and pay for their own inspector before selling their home if they want to be forewarned of anything that might be wrong with the home.
What to expect from the home inspection
Every buyer and seller goes into an inspection hoping that they will get the assurance that the home is in great shape or that they will be given a heads up about issues that need attention. An inspector will find something wrong with every home, even a brand-new one. So sellers shouldn’t stress too much when the inspector finds something. Every home has moving parts, is exposed to weather and something is always bound to break. If the seller has been maintaining the home well then the inspector should only find small minor problems that are easy to fix.
Home Inspection Objection
The inspection objection happens after the initial inspection of the North Metro Denver home. This is when a buyer can request a seller to fix issues or pay for problems to be fixed. The seller can then agree because they want to move forward, disagree or compromise and meet in the middle. Some buyers are tempted to ask sellers to fix every single issue on the list but I don’t recommend doing this. Both buyers and sellers should pick their battles carefully and separate the issues the inspector found into minor or major problems.
It’s also important to be realistic about the effort and cost associated with fixing certain problems given the agreed upon price of the home. Your real estate agent should be giving you advice and explanations of everything in the inspection report so that both the buyer and seller are treated fairly. Best case scenario is that the buyer and seller meet in the middle, otherwise you risk the chance of either party walking away unhappy…
Dealing with Major Issues Found During Home Inspection
Sellers should always consider the possibility that major issues may be found during the inspection of their North Metro Denver home. I generally consider ‘major issues’ to be those that require expert contractors to do the repairs. If this is the case, it is important to get a contractor to come in and assess the situation and give a quote for how much it would cost to fix the issue.
If the issue can be brought down to a dollar amount then it can be negotiated. Sometimes it’s impossible to do repairs right away because of the weather. Exterior stucco problems are hard to fix in the middle of winter! But the buyer and seller should settle on a price and then discuss when and how the problem is going to be dealt with. One option is that the price is reduced or there is a seller concession to be paid at closing so the buyer can fix the problem. But this can be complicated so it is also possible for the seller to fix the problem themselves before closing.
The only problem with this solution is that the buyer may not be happy with the repairs or want additional work to be done. A compromise here could be to hire the buyer’s preferred contractor and have the buyer and seller agree on the final result.
Seller Property Disclosure
When the seller and the listing agent are made aware of any major issues, they are ethically and legally bound to disclose known adverse conditions of the home. If Buyer #1 terminates the contract the seller will have two options. Either fixing these issues or adding them to the Seller Property Disclosure. If the seller does not want to spend the money for the repairs, they will likely have to reduce the price of the home to reflect the work needed. Buyer #2 who comes along next will either be scared away, or also ask the seller to fix the same issues. Factor in the holding costs of delaying the sale of the home, there is an incentive for the seller to work out a solution on the major issues with Buyer #1. Sellers should discuss with their real estate agent what might be the best solution for them!
How Can I Help You?
I hope this article has shown you that I am a knowledgeable and very honest real estate agent who wants to help buyers and sellers. I want to provide my clients with interesting and up-to-date information so they can make informed decisions. If you think that my expertise and positive attitude might be of service to you don’t hesitate to reach out and contact me!