I am selling my home and I want to know, what to expect, if the buyer requests a home inspection?

Question

This is a older home, but in very good con dition,in the basement, the ceiling is open and some wires are hanging and some copper pipe is not hung properly. What do you think?

Answer 1

Usually the person or financial institution that provides the mortgage money will request an inspection. I'm not sure what the building codes are & how they are enforced in your area but I do know that insurance companies will not insure a home if there are exposed electrical wires. This might make it hard for the buyer to secure a mortgage & screwing up the sale.

Answer 2

A prospective buyer could use their own home inspection to get an independent assessment of the house condition and identify a list of possible repairs needed, and costs for those repairs. They can use this knowledge to decide how much to ask for a price reduction.

You should consider getting your own home inspection in advance, so that you don't have any surprises that a buyer might raise during negotiations. You can disclose a copy of the inspector's report to those qualified & serious buyers who intend to make an offer, and if the report is thorough and well-written, they may accept the report without going out to pay for another one of their own.

You can use the list of repair items as 'negotiables' during the selling phase to make concessions if needed to close the sale. You don't necessarily have to do the repairs - you can offer a price discount. Talk with your real estate agent or lawyer to develop a good negotiation strategy.

A pest inspection report is a different matter. In that case, your house is inspected for termites, mold, mildew and other organisms that can destroy your house if unchecked. Most lenders these days require a pest inspection before they will make a loan.

Good luck.

Answer 3

The home inspector will point out any potential problems in your house. These things could be minor and of no worry to the potential buyer. Sometimes the inspector will find something, such as a leaky roof that will need to be repaired by you or else the buyer will back out or offer a lower price. The inspection process is good for the seller too because then all potential problems should have been identified by the inspector. Then, if there is something wrong down the road, there is someone else to blame besides you.

Answer 4

Unless the house is sold "as is", the buyer if they are on top of things should have a home inspection done by a reputable "home inspector." Hanging wires are probably just that, hanging. Nothing a staple or some sort of securing device won't repair. Same holds true for the copper pipe.

Answer 5

When we sold our house we had to call the city and have the city inspector come out to look at it. He gave us a list of things that had to be repaired BEFORE we could put it on the market. You should check to see if your city requires that you do this.
The buyers finance company WILL send out an inspector to make sure the property and house are worth what they'll be lending to the buyer. But he'll only yeah or nae the loan amount not tell you what you have to repair.
And it's either the same agent (bank) or a different one that'll come out and just in general make a list of everything that might be a problem. Anywhere from you may need to put railings on stairs or steps, to a hole where it doesn't belong. But this will only be suggestions and not necessarily a "repair" list.
A must "repair" list should come from the city inspectors should you have to have one done. Some cities require it and some don't.

Answer 6

It seems like when we bought our house we had to pay for the inspection and then were allowed a certain dollar amount for minor repairs. We did find out later that there were things the inspector had missed. I suppose if the buyer did not like the condition of the basement they would either request repair or lower the offering price. If your market is hot enough it may not matter what the buyer wants, and you can stick to the offering price of the home.

Answer 7

Any savvy home buyer these days would request an inspection and most mortgage companies will require it. Be prepared for a head to toe inspection checking for code compliance and any glaring errors that are health or safety hazards. Dry rot, out of date plumbing and electrical hazards are the most common findings in a home inspection.

Answer 8

Lisa, I even have been a widespread contractor for 9 years now, and abode inspections could be nerve wracking. a house inspector will discover some thing incorrect with the abode. Any abode. they'll spot issues in a sparkling abode. it somewhat is so his shopper can experience justified in paying his bill. the widespread public of the flaws he reveals will somewhat no longer count lots. you % to computer screen out for something structural. In different words if there are any beams, joists, columns, or trusses that have issues. look for something to do with bearing partitions. exterior of that, something would be rather undemanding experience. do no longer enable the be conscious "code" scare you. he will inform you that issues are to no longer "Code". in maximum situations it somewhat isn't lots to rigidity approximately. in basic terms look ahead to structural products. those are the deal breakers. good success!

Answer 9

well i would have to say to fix it. and make sure it is clean. no air fresheners because some people are allergic to certain scents. maybe paint the ceiling's and clean the carpet's .and remember that the value of your home will go up the better it looks.

Answer 10

SMART BUYERS ALWAYS GET INSPECTIONS BEFORE SETTLEMENT DATE.....BY REGISTERED ELECTRICIAN...BY REGISTERED PLUMBERS... BY CONSTRUCTION CONTRACTOR....AND BY ROOFING CONTRACTOR...THIS GUARANTEES THAT THEY WONT GET STUCK WITH REPAIRS.....THE ONLY OTHER WAY IS IF ITS STIPULATED IN THE AGREEEMENT AND SETTLEMENT CONTRACT THAT THEY ARE AWARE AND THAT THE PROPERTY IS BEING SOLD AS IS.... YOU AS SELLER BEAR THE COSTS OF PRE SALE INSPECTIONS....THEY USUALLY RUN ABOUT 75.00 PER AND GIVE YOU A WRITTEN GUARANTEE THAT ALL HAS BEEN INSPECTED AND APPROVED.. THEN THEY CANT COME BACK LATER WITH LAW SUIT...