For Sale By Owner: What You Need to Know About Inspections

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FSBOWhether you sell your house yourself or through a realtor, chances are you will have to deal with home inspections as part of the process. Buyers universally demand professional home inspections before signing a contract. There are a few things you should know about these inspections and how they affect the purchase of your home.

Why an Inspection?

Buyers want a professional inspection of the home for their own protection, and it works to your advantage as well. Professional inspections are not required by law, but they do help protect both the buyer and seller. Buyers want to know that there are no hidden defects in the property before settling on a price and purchase.

For sellers, this means you are protected against future demands. As a seller, you have a responsibility to disclose any defects of which you are aware. But if both you and an inspector do not notice a problem that is found after the purchase, you can easily prove that the defect did not exist or you couldn’t have known about it. This removes any liability from you, and protects you from lawsuits.

Getting a Professional Inspection

You can allow the buyer to pay for their own professional inspection, but it is a good idea to provide your own professional inspection for the buyer. When you have a professional inspection done on your behalf, you can be certain that the inspector is being honest about any defects that are purportedly found. It also helps to take any unknown variables out of the sale, making buyers feel more comfortable purchasing your home.

After an Inspection

If an inspection does turn up any defects, you aren’t under any obligation to do anything. You might want to repair the defects before the sale to get your original asking price. Other times, buyers will accept a lowered asking price in exchange for the responsibility of fixing the problems themselves. However, be on the lookout for buyers who are seeking to lower the price of your home considerably. These types of buyers don’t care about fixing problems and simply want to get a cheap deal. Looking into how much fixing your home’s defects will cost can help you avoid selling your home for too little.

If you are selling your home and need help with the process, including home inspections, contact us today. We can help you through selling your home for sale by owner and make it a painless experience.