One of your prospects shows interest in the property that you are selling. You accept their offer and both the parties decide to get into the purchase agreement. Then, something strikes up and the buyer decides to get the property inspected before paying the full amount.
The inspection report that came through looks awful. There’s a leakage somewhere in the plumbing system, the HVAC is choked up, some of the roof shingles are missing and so on. This is where things may not work in your favour. But the good news is there’s no need to panic.
A bad home inspection report is not the end of the world. It simply means that the property in question has some issues that must be addressed before someone moves in.
How bad is it?
A home inspection report outlines everything that’s not normal, but that doesn’t necessarily mean there’s a serious issue lurking around. Sometimes, a bad home inspection report means there are too many issues pointed out but they are not as severe as to make your property unsellable.
How to deal with a bad inspection report?
It’s a relief that from here onward, there are no more secrets. Your prospect is aware of every nitty-gritty detail about your property. It’s about time you come clean and focus on the solution.
Getting issues fixed
Now, you don’t have to fix each issue pointed out by the home inspector, as it may cost you a lot more money than you would gain out of the deal. Focus only on the serious ones that may be a potential safety hazard or do not meet acceptable standards.
For instance, a broken electrical switch VS dirty carpets. A buyer can ignore a dirty carpet but it’s unlikely to overlook a broken electrical switch which may spark a hazard. Also, a dirty carpet isn’t an excuse big enough to throw away a deal, though it can cost you money should you hire professionals to clean it.
Your prospects would accept the fact that no home is perfect, which means they could give you certain leeway as long as their safety is not compromised. And even if your prospect backs out, your home should be ready to woo more buyers once you get everything fixed.