Your house has been up for sale for a while and you finally accept an offer. The inspector comes by and points out every little detail wrong with your house. The buyer freaks out and walks away from the deal. They’re silly to walk away because you know that it is a great house. It doesn’t matter, now they have completely wasted your time and precious time it could have stayed on market. Back to square one.
A clause in the purchase agreement which gives the buyer the right to have a 3rd party inspection. It’s a requirement for a buyer applying for a mortgage, but most buyers will have it done regardless. This also allows the buyer to back out of the agreement if he/she is not satisfied with the inspection report without having to sacrifice their earnest money deposit.
Inspectors are hired by the buyer to be as thorough as possible when looking at every aspect of the property. They are hired to bring awareness of any flaws and to protect the buyer from purchasing a bad house. Unfortunately for the seller, you have to rely on someone else’s opinion who has never lived in or owned the house. In a lot of cases, inspectors don’t even have the necessary experience to give a professional opinion.
Inspectors are not experts
Inspectors have a general knowledge of the inner workings of a house, but they are not specialists. They will assume something is mold or question the structural integrity of a wall and put it in their report as if it were a fact, even if they are wrong. They will arrive to your house with fancy gadgets and will start pointing out every slight defect. The problem is each inspector will have a different opinion (or gadget) so you never know what to expect. We’ve had multiple inspections on the same property and each inspection result was different. Unfortunately there is no set guideline for inspectors so its left up to their judgement.
Inspections are difficult to get through no matter how nice your house is. An inspector’s job is to point out every single flaw with your house. No matter how minor the flaw is it always seems to be a “doomsday scenario” to the buyer, especially for first time homebuyers. After most inspections the buyer always seems to second guess the purchase of the house. They either back out completely, or at the very least it will give the buyer negotiating points to try to reduce the price.
Be thorough and disclose everything wrong with the property. Even the most minor defect. Sellers will try to hide certain small defects so they don’t alarm potential buyers but that is counter productive. A thorough disclosure will let potential buyers know in advance so they won’t waste your time. If your house doesn’t make it through inspections then you are back to square one and will waste a week or two that it could have been on market. You can even state in the purchase agreement that the buyer cannot back out on defects you had already disclosed.