Most homebuyers elect to have a home inspection done before they close the deal on their new home. Some mortgage companies even require that a home inspection be done before lending the money for the home's purchase. Did you know that it's a good idea to have one done before selling your home too?
Home inspections are not required by law to be done by the seller. You're already aware that an inspection will likely be done on the behalf of the buyer. So you're probably wondering why you would want to have one done when selling your home.
While it sounds redundant, having your own home inspection done can help ensure that the sale of your home goes smoothly. The inspector will thoroughly check out your home and notify you of any problem areas. The problems can be repaired before your house goes on the market, in many cases inexpensively. And when the time comes that a potential buyer wants to have his own inspection done, you're a step ahead of the game.
A bad inspection can be a deal breaker for potential buyers. It can give the impression of dishonesty on the seller's part, even if he was unaware that problems existed. Some problems are difficult to detect without having an inspection done, but people often assume that if someone lives in a house they should know of any problems with it. This sort of misunderstanding could lead the buyer to back out.
If the buyer does indeed back out, you will have to put your house back on the market and start over again. Other potential buyers will wonder why the first deal fell through and may be concerned enough that they won't want to take a risk on your home. Having a home inspection done and following through on its findings can help you avoid all of these headaches.
If problems are discovered during your inspection, you may not necessarily have to fix them. But you should notify your realtor, so that potential buyers can be notified. This is even required by law in some states. Failure to do so could result in a lawsuit by the buyers. If it does, it could prove to be much more expensive than it would have been to fix the problem or reduce the price.
If you do find problems that you elect not to repair, reducing the price of the home by the amount that it would take to fix the problem is customary. Being upfront about the problem areas and the price adjustment will work to your advantage. A home inspection is of great importance to a homebuyer. It should also be important to the seller. Knowing any problems that exist can help you avoid buyer cancellations and lawsuits.