Monday, September 3, 2007

Do this before you sell your property to reduce the risk!

In real estate transaction, one of the major tasks buyer need to do is to inspect the property condition completely. The two reports buyer look for are 1) Home inspection and 2) Termite report. If there is any major deficiency reviewed from the reports (ex: toilet sink is leaking), buyer could go back to the seller and ask for a repair or reduction in price to address the issues. As a seller, you would want to make sure the buyer is satisfied with your property's condition, so the buyer can close the transaction on time. This issues found from buyer could negatively hurt seller's asking price position, delay the transaction, or even worst, buyer back out and drop the offer.
How could a seller prevent this type of problem exists? This is what I will do: I hire a professional home inspector and termite inspector to conduct a complete reports on my property before I put it to market. The advantage is that you could fix the problem beforehand within your budget. When buyer ready to inspect my property, I simply provide the reports I already completed and tell them all the major problem is already taken care of. Most of the time, buyer will accept the finding since this is done by professional. The cost for me conducting the report could run as high as $500 dollar. But it's all worth since I eliminate the risk the buyer not satisfied my property's condition and lost interest of my property.

2 comments:

charlene said...

as a seller, if you prepare the report overhead, how do the buyer make sure everything you provide is accurate,or if they want to check futher problems, how do they follow up the report you procide?

Anonymous said...

i think i will just let the buyer do the inspection to save my time.