Before calling on your home inspection company to go through your home top to bottom, take a look around the home yourself. A lot of times there are areas of repair that you the homeowner could address before a home inspection. Remember, that you are spending money to certify that your home is in fine working condition. You want to make sure it is valued at the price that you are seeking a seller to purchase it for. Making sure the repairs are done first will greatly enhance your chances of a strong inspection.
Does a bad home inspection report kill a deal? While home inspections are not pass/fail, the deal could fall through due to a bad inspection report.
If you simply have a bad inspection, as in needing some high-priced repairs, then you can still negotiate terms with the buyer.
Let’s take a look at some information below so that we can avoid a bad home inspection and possible deal killer.
Variety Of Ways a Home Inspection Report Can Kill A Deal
Believe it or not, there are a variety of ways a home inspection report can kill a deal. A “failed” home inspection is just one way that a purchase can fall through. Buyers’ expectations, bad house flips, and a listing with oversold conditions of a home are all areas where a home purchase deal will fall through.
- Expectations-home buyers will often believe that their home to purchase needs to be perfect. What they forget, is that the home they currently live in, is not likely perfect. So, unrealistic expectations can kill a deal.
- Bad house flip-many flippers will replace the flooring, new tile, and even paint, but that doesn’t take care of all of the expensive and major repair possibilities. Roofs, foundation needs, and other structural repairs are so expensive that flippers won’t touch them and often results in a deal killer.
- Oversold home conditions-living in a home for many years, often make you think that you have recently repaired or replaced items. Well, if something was newly replaced, that means within the year, not within the last 15 years out of the 30 that you have lived there. This is definitely a deal killer.
How Long Does A Home Inspection Take
The average home inspection will take an hour. The size of the home and the extent of damage that appears will determine if the inspector will need additional time. If a home is greater than 4,000 sq. ft. an additional inspector will also join the inspection. This helps expedite the inspection and keeps everything moving smoothly with the realtors.
What Does A Home Inspection Cost Me
Understanding your home’s needs is important when selecting a home inspector. The cost for a home inspection can vary by location, inspection services, and the size of the home. Typically, you are looking at $250 to $1,000 plus for a good home inspection. The cost goes up when the size of the home is larger than 4,000 sq. ft.
What Can Happen If My Home Inspection Fails
So can a bad home inspection kill a deal? Well, the obvious answer to a bad home inspection report is that the home is going back on the market. Frustrations settle in because you have to go through the listing process again and the new buyers might ask the reason for this. Full disclosure is the law, so the reasons for a re-listing must be explained when a new buyer asks the question.
However, it could be that the home inspector did not do a good job. This is why you want to make sure you hire a good inspection company.
Some preventative maintenance to ensure that this doesn’t happen is a simple as getting to know your home inspection company before they show up for the initial inspection. Knowing the ins and outs of your home over the time frame that you own it is vital. This way you can make repairs as the home ages and not leave them for the next buyer.
It is important to seek the advice of your real estate agent to find out how you may negotiate a deal after the inspection or when you are re-listing the property.
Some Deals Had No Chance
Keep in mind that on some occasions buyers back out of deals, regardless of the home inspection. It’s important to note that some buyers do not have the budget to negotiate for significant repairs or the home has way more issues than the buyer has time for and the deal is dead. Some deals are often killed before they get started. If the buyer doesn’t see a fit to the sellers asking points and the needs of the home, the deal typically is dead.
Other Recommended Options
Before learning if your home inspection will kill the home sale deal that is currently in place, you should have some knowledge of how home inspections work. This includes understanding what to expect before the inspector shows up, while the inspector is inspecting, and what their potential write-up might entail.
Once you have understood what to expect before, during, and after a home inspection. It is important to note when to walk away from a deal after a home inspection. Understanding the most important areas that will determine whether or not you close the deal or walk away is discussed in this scenario.
Lastly, you should consider doing some prep work on the home before a home inspection. Knowing what to do prior to a home inspection can save you lots of added costs and stress. Little items such as changing the filter to your HVAC unit, or trimming your trees will go a long way towards a positive experience with your home inspector.
When Should I Call A Professional
Calling a professional home inspection company before the home buying or selling begins is a phenomenal idea. A pre-sale or move-in inspection can help you find issues before you sell or move into the home. Doing this will help put you on notice as to what repairs and fixes might hold you up in the actual home inspection. Does a bad home inspection kill a deal? Yes, this is possible and it is important to reach out to a licensed professional to avoid this from happening. Be sure to check their Google Reviews and their experience before hiring.
The excitement always builds when buying a home. Making sure that the home inspection provides you with the proper information to make an informed decision is key. Can the inspection change your mind about purchasing a home? Yes, however, if the seller and buyer can agree on the solutions to a bad inspection report, then following through with the purchase of the home is not all bad.
It is smart to ensure that your home inspection is done with a professional team. Reach out to Avalon Home Inspections, servicing Greenville, SC, and Atlanta, GA.