Generally when a home is listed for sale the current owner already has a good idea of what repairs are needed. Their Realtor may suggest having a home inspection completed before the property goes on the market in order to know the exact condition of the residence, but many homeowners balk at spending the money. Then a contract is written and a home inspection required by the buyer’s financial institution. And all the problems the homeowner was aware of come to light, along with several potentially dangerous structural issues.
Now chances are the homeowner is faced with a buyer who may terminate the purchase agreement. Plus these structural repairs will have to be completed or the sales price lowered in order to attract another buyer.
Don’t allow structural damage to derail the sale of your home by following these smart tips.
- It’s obvious: get a home inspection before listing your residence especially if you have owned the home for many years. An inspection may have been done when you initially purchased the home, but over the years foundation problems, wood rot and pest infestation have created structural issues hidden under sheetrock, flooring and exterior siding.
- If structural damage is found after the property is under contract don’t be too quick to refuse to negotiate as the buyer may terminate the sales agreement. By law the defect(s) will have to be disclosed and the next buyer could be even more stringent in their repair requests. The current potential buyer already has money, time and effort invested in purchasing your home, so it will be in your best interest to reach the closing table.
- If you don’t have the funds available to complete the repairs, discuss with your Realtor options for a selling price reduction. This will involve getting construction estimates and may delay closing, but chances are if you are willing to work with the buyer, the deal will close.
Make Closing Contractor your first and only call for all drywall, structural and foundation repairs. Licensed, bonded, insured and completely certified, Closing Contractor is here to assist in all your home and business real estate transactions. Connect with us today through our user-friendly online contact form.