Welcome back Mythbusters!
Let’s talk about inspection reports. The inspection phase is a sensitive time for both buyers and sellers. As a buyer, you want the home to be in the best possible condition before you get to the closing table. As a seller, you want to sell your home as close to its current condition as possible.
Negotiating repairs is not as cut and dried as you might think, and the wrong advice can cost you big time. Let’s dive into a myth we hear often when talking about inspections and repairs.
The Myth: “Everything on the inspection report needs to be fixed.”
The Reality:
An inspection report can be daunting. The home you were so excited about can quickly look like it is beyond repair! This is why it is so important to be mentally prepared for the results of your inspection and have a clear framework for how you will request repairs.
Let’s start with the inspection report itself. An inspector’s job is to be incredibly detailed in reporting their findings. This means that they are going to list every little thing that may need to be repaired. Although the list may look long, once you talk through each individual item you’ll notice that many of them are minor in nature.
Also, note that inspectors can only inspect what they can see and access— what is hidden within and behind walls will not show on the inspection report. What all of this amounts to is an important reality: if you are buying a pre-owned home, expecting absolute perfection will always leave you feeling disappointed.
Now that we’ve covered the inspection report itself, it’s time to talk repair requests. We advise our clients to focus on what we call, “the big five.” These areas include the roof, foundation, plumbing, electrical, and HVAC systems. These are the big-ticket items that have the greatest chance of costing you more if they are in need of repair.
When negotiating, focusing on the big-ticket items allows you to submit a more manageable repair request, and keeps everyone focused on completing what needs to be done in order to make it to the closing table.
More mythbusting to come!
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