Chicago Real Estate & Chicago Homes & Chicago Property Administrator on 06 Dec 2006 06:11 pm
Selling Your Home? Have It Inspected First
Most sellers wait for a buyer’s offer before having their homes inspected. But when buyers’ inspectors become involved, they bring with them a costly flood of demands. Buyers ask for the maximum of repairs and upgrades, and sellers–often worried by a lack of competing offers–tend to give in.
Rob Kent of Pittsburgh Property Inspectors in Pennsylvania says that only 1 to 2% of his business is for sellers. He maintains that the time to identify problems is early, when “the seller has the chance to shop around for the lowest price [to repair them].”
Sellers can also manage the scope of the work done to resolve problems. If a basement shows evidence of moisture, for example, a buyer may demand elaborate solutions costing upwards of $10,000. But Kent says it “could just be the foundation needs to be regarded” to channel water clear of the walls–which can be done for under $500.
“I see that constantly–where the seller could control their costs but they wait too long,” Kent says.
Linda Lehman, a newly single home seller in Charlotte, NC, was “scared that . . . I’d have to make $10,000 to $20,000 in repairs” in order to sell her 30-year-old home. She worried that problem areas would pare down her asking price, and also that she’d need to make expensive repairs to satisfy buyers–both of which would cut her proceeds.
Instead, she invested $600 on her own home inspection, and considers it well worth the price.
“It was worth it to have the peace of mind that I don’t have any major issues,” she says. She’s also considering adding a home warranty policy assuring buyers that any problems with appliances and heating/cooling systems are covered.
Lehman advises all single women to hire an inspector before entering the selling market.
“I think buyers tend to look at anything wrong as symptomatic that the house has problems, and it gives them the idea they can walk from the deal,” Lehman says. “I wanted things to be as right as they can, so there are no surprises at the end.”
Chicago real estate, Chicago homes, home sellers, sell your home
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