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Wednesday, June 29, 2011

Property Inspections–Not a time to panic!

I recommend property inspections for all real estate transactions  - even if the offer to purchase is an "as is" contract.

Most real estate transactions I am involved with have two contract contingencies (1) property inspection and (2) financing unless a cash transaction. 

The first step is always the property inspection as the other steps involve additional expense to the buyer so finding out if the condition warrants going forward is the logical starting point.

There is no pass or fail grade for the inspection.  Property inspections are subjective and the results are evaluated by the purchaser alone.

Still I have seen buyers panic when the report is prepared.  If there are issues there are several approaches to consider.

If the property is deemed by unacceptable to the buyer then appropriate written notification is provided to the seller.

If there is an agreed upon repair contingency, the buyer can ask for the repairs to be done by a qualified professional.

If the contract is "as is," the buyer can still ask for repairs.  Many times a seller would rather spend a few dollars (or more) to have the deal closed now rather than weeks or months later.  [If the transaction is a foreclosure or short sale, repairs are less likely to be done.]

I do believe the property inspector sets the tone.  Most home inspectors I have dealt with in Brevard County, Florida approach the inspection as an educational process for the buyer.  At the other end of the spectrum I have seen some inspectors who are alarmist in their approach.

The key to dealing with the property inspector and property inspection report is remain calm, evaluate the extent of issues and decide which way to go.

A similar response by the seller will work well as well. A pre-listing property inspection with appropriate repairs, if needed, and disclosure to prospective  buyers can prevent much anxiety!

Buying and selling a house or condo is a stressful process for all involved.  Remaining calm throughout the transaction is the only way to go.

I know as I have been there several times as buyer, seller, and many more as Realtor®!  When you are in need of an experienced real estate agent in Viera and Rockledge, Florida, call me at 321-693-3850 or email me.

Inspired by The Scot Loper Team Lansdale and Harleysville PA Realtors

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