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Saturday, March 23, 2013

Why should a seller address issues on a property inspection?

Why should a seller address any issues identified during a property inspection?

Recently I saw a case where the property inspection revealed more than a few issues.  For the most part the buyer was not alarmed by the issues.  But there were some that were potential sticking points.

Sometimes, even when an offer to purchase is an “as is” offer there are some issues that really should be addressed.

What are these issues a seller should consider addressing?

Some issues are deal breakers.  Some deficiencies may prevent mortgage approval.  Some issues may be safety hazards.

Even if the ability to get a mortgage is not center stage some issues are basic quality of life issues like active leaks and non-functioning AC systems.

If a property is priced appropriately and prospective buyers are aware of issues (as identified in the seller property disclosure) then the question of repair is not likely a deal breaker.

Occasionally a property will come under contract and a problem is identified during the property inspection.

If the issues caused a buyer to cancel the contract (a property inspection is a get out of jail free card), they need to be repaired or disclosed to future prospective buyers up front.

So why address issues in a property inspection?   If one buyer walked, the next one can as well.

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