My Seller’s Prospective Buyer Left Because of Home Inspection
The supreme art of war is to subdue the enemy without fighting. – Sun Tzu
I had a prospective buyer leave a contract because of the “home inspection”. What do you do as a seller? You go on the offensive. You gain quotes. Ask contractors their opinion of the situation and understand the situation.
This may be an “out” for the buyer. Buyers can get cold feet or find something else that catches their eye. Buyers unfortunately can be fickle and sometimes they are not truly in love with the house and settle. This makes it hard for sellers to understand; but, it happens. Just remember that leaving due to a home inspection is not necessarily because of a major issue with the home. Sometimes, it is an excuse for the buyer to back out because they have cold feet. Not a nice thought; but, it is a reality especially in this low inventory market.
The Aftermath of a Buyer’s Home Inspection – Momma Bear’s Report
I want my client’s taken care of. Period. I’m not interested in half a$$ so when a client feels slighted, I feel slighted. However, sometimes understanding situation needs to be done first before Momma Bear makes an appearance.
My buying client found Ants, a Leaky Basement, and Freon Leak right after a stellar, I mean stellar home inspection report. Looking at the home and pest inspection reports, I found some things that I wasn’t even aware of:
- Ants are NOT covered in pest inspections. They are apparently not going to destroy the home; however, disgusting and annoying they are.
- If an area of the Basement is covered and is not able to be viewed and later there is a discovery of a leak, unfortunately latent issues are not covered by home inspections.
- Finally, refrigerant evaluation was not included in the inspection.
It is frustrating to have issues after a home inspection. It just is. There is no two ways to get around it. Read carefully what the inspection covers.
Over Pricing the Home
Yes, it is a sellers’ market. No, that does not mean that you can overprice the home by $20k to $30k over what the average selling price is going for in the neighborhood. Buyers are savvy today with amenities and home features. If a home is not selling, it is most likely the price and the next culprit is the location. Just be aware that in this seller market if buyers are not biting after a certain time, price is the only controllable factor that will bring the correct set of buyers in to purchase.