Top 3 Reasons WHY North Pittsburgh Sellers Need To Understand Buyer Motives is to solidify the closing will take place after a contract is signed and to ensure that the deal isn’t cancelled as a result of the Home Inspection. Normally, when a deal is cancelled the Seller will suffer a “money hit” because the next Buyer wants to see the report to determine what may be wrong with the home. Below are some steps a Seller can take to help prevent a Buyer from canceling a deal.
This is Part One of a Three Part series on Why North Pittsburgh Sellers Need To Understand Buyer Motives. Sign up for my Blog, so you don’t miss Part Two!
#1 Reason-Home Inspection items…Explained in this Blog.
#2 Reason-Home Doesn’t Appraise…Explained in the next Blog.
#3 Reason-Negotiations aren’t going as well…Explained in 2 Weeks
The Top 3 Reasons that Buyers walk away from a contract and how Sellers can reduce the likelihood:
#1 Reason-Home Inspection
Once a contract is signed, the Buyer has a specified amount of days to complete a home inspection. Buyers have the right to select their home inspector; however, not every home inspector has the years of experience or work history to conduct a proper home inspection. The home inspection should be conducted fairly and properly for both parties. It should be understood that every home is going to have some issues, but that items can be addressed and negotiated without having the deal cancelled.
Below are 3 ways to be certain the Home Inspection proceeds as favorably as possible.
The first way for the Seller to ensure consistency is to require that the Home Inspector be ASHI certified. This should be written into the contract. By requesting an ASHI certified inspector the Seller is secure in knowing that “Standards of Practice” will be followed. This includes an outline and check list of how a home is inspected to include pictures. This way the Buyer isn’t alarmed by conditions of the home which might cause the Buyer to cancel the agreement.
The second way is for the Seller to negotiate that they will pay for the Home Inspection ($500-$750) and to provide the Buyer a list of 5-8 ASHI Certified Home Inspectors. The Buyer can only pick from the list of Inspectors provided by the Seller.
Even though the inspection is being paid for by the Seller, the Buyer is the client for the inspector. Final reports can either be delivered to both Buyer and Seller or just the Buyer. One way of looking at the inspection process is to remember that it is a mutual agreement for both parties to work together in finding a way to work out and agree upon the condition of the property.
However, in the end, the Buyer has the final say so to move forward and close or cancel the agreement of sale.
The third way is for the Seller to conduct their own Home Inspection using an ASHI certified inspector prior to listing the home; the Seller should commit to specific repairs and/or replacements of items that could be, “deal breaker” causing the Buyer to cancel the agreement.
A few of the “deal breakers” are depicted below: