If you are the agent of the “For Sale By Owner” home, you must be aware that home inspections are a requirement of most contracts. Your typical sales contract will offer the buyer a chance to receive numerous inspections that can be conducted on both the home and the property. If, for some reason, the home inspection results in some unexpected information, you could possibly lose the sale. Every seller should avoid this devastating situation.
The following is a list of inspections you will need:
General Inspection: This home inspection ensures that all major appliances, heating, plumbing, air-conditioning, and electrical systems are in good operating condition. The seller is then obligated to keep all of it in operating condition until the sale is closed. The “For Sale By Owner” seller will also be responsible for any needed repairs.
Roof Inspection: The “For Sale By Owner” seller could possibly be liable to make repairs for any damage to the roof, including leaks, for up to three percent of the sale’s price. This is particularly valid in areas with heavy snow.
Termites and other Wood Destroying Organisms: The liable party in this situation differs in every State. Some states require the seller to pay for up to three percent of the purchase price in repairs, but the buyer is responsible for paying for the inspections.
In other states, the “For Sale By Owner” seller is responsible for supplying a certificate guaranteeing the home is clean and termite free to the buyer. This letter or certificate must be supplied by a licensed pest control company. More often than not, these inspections run less than one hundred dollars.
There is a limit on how much time these home inspections can be completed in for most sales contracts. After the time limit has expired, the buyer loses the right to these inspections. In the event that the inspection has been completed during the time allowed, the results are sent to the seller.
As the “For Sale By Owner” seller, it is in your best interest to avoid any unexpected surprises that can coincide with these home inspections. As a precaution, you can choose to hire an inspector in order to acquire a written report describing the condition of your home. More often than not, you will save money on the repairs that an inspector you have hired points out as opposed to an inspector the buyer has hired. The Home Inspector Locater is a great service that is available which is designed to help you find an inspector in your area. If you should choose to hire your own inspector, it will generally cost you about two hundred dollars. That money will be well spent, for you will most likely save a lot of money by doing so.
If you would prefer to avoid the home inspection entirely, you can do so by selling the home “as is”, but generally speaking, you will be forced to sell your house for less. If you are the agent of the “For Sale By Owner” home, it is vital that you make sure the stipulation of the sale of the house “as is”, is written in the sales contract.