If you’re listing an Irvine house for sale, having the property undergo an inspection can be an unnerving experience. After all, an inspection contingency is the one contingency that nearly all sellers are likely to encounter. If your home fares poorly, the buyer could back off. Fortunately, there are very few requirements that your house must meet in order to pass this review.
What You Should Know About Home Inspections
Depending upon how a buyer is being financed, the requirements for passing inspection will likely be limited. These can include no broken windows, proper installation of smoke and carbon monoxide detectors, safety strapping for water heaters and the ability to pass a lead test. While government-issued loans tend to be most stringent in this area, most lenders and investors simply want to see that they’re getting adequate value for what they’re being charged and that they’re not walking into disasters. What this means is that the foremost goal of a home inspection is not determining a pass or fail status. Instead, it is about ensuring that the house meets the buyer’s and the lender’s expectations for conditions. If it does not, there are usually steps that can be taken to ensure that it does.
When Things Go Wrong
When unexpected problems are identified during inspections, these don’t have to drive the sales process to a grinding halt. More often than not, there are several things that you can do to keep the buyer’s interest and appease his or her lender. Best of all, taking steps to address the related issues doesn’t always entail a lot of out-of-pocket spending.
Lower the Sales Price
Inspections are often used by buyers as negotiating tools for ensuring that they get fair and accurate prices. At best, an inspection will confirm the validity of your sales price. At worst, it will undermine it. You can restore balance by lowering this number or by opting to take on more of the closing costs. Always seek guidance from your real estate agent in Irvine before negotiating these deals.
Complete the Required Repairs
Dropping the sales price for the buyer is one way to sidestep the need to complete any required repairs. If you think that you can manage these efforts at a more affordable price, however, you can also offer to handle inspection-related issues on your own. If you’re eager to see the sale go through, make sure to let the buyer know that you’re willing to be flexible either way.
Put the Sale on Hold Until Your Home Is Truly Ready
If buyer expectations are too high and the identified repairs are too great, this may not be the best time to sell. Buyers with firm and excessive demands and who threaten to walk away may not be the ideal people to work with. Rather than placing yourself at the mercy of the buyer during post-inspection negotiations, you can instead reclaim control over the sales process by either holding firm on your price point or backing down on your own. Talk to your agent about the benefits of delaying the sale in order to bring the property up to speed. Taking more time to complete essential repairs at a comfortable pace could prevent you from selling far below your goal price.
Whether you’re a buyer or a seller, you might still be looking at other homes for sale in Irvine. If so, check out our inventory online or reach out today and make an appointment with an experienced agent who can help you narrow down your search and get you into the property of your dreams.