Twila E. Palmer's Blog
After you accept a homebuyer's offer on your residence, he or she likely will complete a home inspection. Then, the homebuyer may choose to move forward with the home purchase, rescind or modify his or her offer or ask the home seller to complete home improvements.
Ultimately, a home seller is likely to have many questions following a home inspection, including:
1. What did the homebuyer discover during the home inspection?
As a home seller, it is important to do everything possible to enhance your residence before you add it to the real estate market. By doing so, you can boost your chances of generating substantial interest in your house. Plus, when a homebuyer performs a home inspection, he or she is unlikely to find any problems that may slow down the home selling process.
An informed home seller may conduct a home appraisal prior to listing his or her house on the real estate market. This appraisal enables a home seller to identify potential trouble areas within a residence and explore ways to address such problems.
If you failed to perform a home appraisal, there is no need to worry. For home sellers, it is important to see a home inspection as a learning opportunity. And if a homebuyer identifies problems with your residence during a home inspection, you should try to work with him or her to resolve these issues.
2. Should I stand my ground after a home inspection?
Be realistic after a home inspection, and you'll be able to make the best decision about how to proceed.
For example, a home seller who goes above and beyond the call of duty may address major home problems prior to listing his or her house on the real estate market. This home seller will dedicate the necessary time and resources to correct home problems and ensure a homebuyer is able to purchase a top-notch residence.
But what happens if a homebuyer identifies problems during a home inspection, despite the fact that a home seller already tried to correct various home issues?
A home seller should consider the homebuyer's inspection report findings closely. If minor home repairs are needed, he or she may be able to fix these problems to move forward with a home sale. Or, if a homebuyer is making exorbitant demands, a home seller may feel comfortable allowing the homebuyer to walk away from a home sale.
3. How should I proceed after a home inspection?
A home inspection can be stressful for both a home seller and a homebuyer. After the home inspection is completed, both parties will be better equipped than ever before to make informed decisions.
If a homebuyer encounters many problems with a residence, he or she will let the home seller know about these issues. Then, a home seller can complete assorted home repairs, offer a discounted price on a home or refuse to perform the requested home maintenance.
Working with a real estate agent is ideal for a home seller, particularly when it comes to home inspections. A real estate agent will negotiate with a homebuyer on your behalf and ensure you streamline the home selling process.
What should you expect after you make an offer on a residence? There are several steps that will take place between the time you submit an offer on a house to the date you finalize a purchase agreement, including:
1. Acceptance or Rejection of Your Initial Proposal
A home seller will have a short period of time to accept or reject your initial offer.
If a home seller accepts your proposal, you'll be able to move forward in the homebuying process. Conversely, if he or she rejects your offer, you may be forced to restart your home search.
On the other hand, a home seller may counter your offer as well. In this scenario, you likely will be given a set amount of time to accept or reject the counter-proposal. Or, you may be able to further negotiate with a home seller in the hopes of finding common ground.
The time between when you submit an offer on a home and receive a home seller's response to your proposal can be stressful. Fortunately, working with an experienced real estate agent ensures that you'll be able to stay up to date. This real estate professional will even help you put together a competitive offer on any home, ensuring that you can boost your chances of getting an instant "Yes" from a home seller.
2. Completion of a Home Inspection
Although a home seller has accepted your initial proposal, you'll still want to conduct a thorough home inspection to identify any major property issues.
For example, if a house has a faulty roof or defective hot water heater, an expert home inspector will be able to uncover such problems immediately. That way, you can learn about issues that may impact the long-term value of a home as part of an inspection.
If you find out about major issues with a home during a property inspection, you can rescind your initial offer and walk away from a house. Comparatively, if you still want to buy a home in spite of problems that were discover during an inspection, you can ask the home seller to complete home repairs or upgrades. You also may want to consider asking for a price reduction if major home repairs or upgrades are needed.
Ultimately, a home inspection will help you make an informed homebuying decision. After a home inspection, the ball is in your court, and you can choose to move forward with the purchase of a home, revise your initial offer or remove your proposal altogether.
3. Relocation to Your New Address
The final step of the home selling process involves closing on a home and relocating to your new address. At this point, all you'll need to do is pack up your belongings from your current location and move them to your new home.
Purchasing a home may seem impossible at times, but the homebuying process often gets easier as it progresses. Plus, homebuyers who collaborate with an experienced real estate agent can receive plenty of support as they navigate each stage of the homebuying journey.