The due diligence period described in the standardized offer to purchase an contract is a major drawback of a traditional home sale. Many Raleigh home sellers have lost tens of thousands of dollars in concessions after a home inspection. Read on to learn what Raleigh home sellers should do after a bad property inspection.
Should You Get Another Home Inspection?
The issue with home inspections is they are required to call out every little defect so they can cover their own liability. No home is perfect. The older the home is the more defects it will have. It’s entirely possible that the home inspector was overzealous and noted things that are perfectly normal.
The question is should you get another home inspector to come and do another inspection? I don’t recommend you do this. Since Wake County Home Buyers has bought many homes we have seen our share of inspection reports. It is standard for an inspector to write the following language in an inspection report:
Needs Repair: Ground Fault Protection – Not Resetting –
Ground fault circuits, where present and accessible, were tested by simulating a fault. The circuit interrupter
serving the kitchen would not reset – restoring power to the circuit at the time of the inspection. This condition
can be due to a defective interrupter device, to a short in the electrical circuit or just that the interrupter does not
have power supplied to it. Have a licnesed electrical contractor service this ground fault circuit so that proper
operation is known to be being provided.
GFI outlets (Ground Fault Interceptor) and is a common item on home inspection reports. Do you notice the line where it says have a “licensed electrical contractor service?” Home inspectors are licensed as inspectors but not as electricians or general contractors. Most home inspections will defer to a licensed general contractor, or in this case a licensed electrician, to evaluate the problem and make the determination. This is why I don’t recommend you get another home inspection. I think it’s better to hire a licensed electrician to evaluate the GFI outlets in the example above. The electrician will charge to come and look at items on the report but they will have the final say on whether the items are to code or not. And if they aren’t functioning they will be the ones to repair the item anyway. Why pay another $500 for another inspection report?
Contact Wake County Home Buyers if you need the name of a licensed contractor!
Renegotiate? What Is A Due Diligence Request?
A due diligence request is a formal document sent from the buyer to the seller which requests that certain repairs be made for the sale to move forward. This basically means you are renegotiating the terms of the sale. Does this sound like a hassle? That’s because it is! The seller has to hire licensed tradespeople to perform the work then supply the buyer with proof that the repairs have been made. The buyer then has the right to re-inspect to verify that all repairs have been done in good order. Many sales fall apart here because the seller may lack the funds to pay licensed contractors thousands of dollars to make a bunch of repairs. Also, many sellers are uncomfortable with the idea of paying out of pocket to live in a construction zone.
If you have a house that has received a poor home inspection report reach out to a local home-buyer. Wake County Home Buyers is a local cash home buyer that will buy your house as it is, no repairs! We can provide you with a no-obligation offer, which will help you sort out the reasonable requests from those where the buyers have crossed the line into ridiculous demands.
What If The Buyer Backs Out?
If the worst fear should come to fruition and the buyer backs out, you should seriously consider changing course with your sales method. This is one reason why you should request a healthy due diligence fee. This money is non-refundable if the buyer decides to back out during the due diligence period. A healthy DD fee separates serious buyers from the rest.
Maybe you just don’t have the time to resolve the flaws detected in the inspection, or you do not have access to the finances the repairs will require. In the meantime, because the disclosure process includes providing any known defects to the next buyer, when Raleigh home sellers have a poor property inspection, unless you are willing to put in the time and money to make all of the repairs, you will need to sell as-is. Your buyer pool is now limited to a select group of buyers who are willing to take on your problems. If this is the case, a traditional listing with known faults usually lingers on the market. The longer a home sits on the market, the less the seller is likely to receive. Every day on the market and every price decrease is n the listing. Time also costs you money as each month passes and your bills continue to pour in. While your property was already listed, the days are adding up as you work with your buyer, leaving you in a less than advantageous position. When offers come in, buyers will seek bargain basement deals and typically make you insultingly low offers. Direct buyers want to see you get a fair price, so why not avoid the emotional roller coaster of waiting and being disappointed. The best part, your closing could be in as little as seven days. Why not reach out for a no-obligation quote from a local cash home buyer like those at Wake County Home Buyers.
Are you dreading the outcome of your home inspection? Why not just skip the sleepless nights and sell directly to Wake County Home Buyers! We welcome you to contact us and share all of your concerns. At Wake County Home Buyers, we take the time to listen to you and help save more of your money for you! You can rest easy when you work with the direct buyers at Wake County Home Buyers, who offer solutions for any situation. Raleigh, home sellers can avoid all of the stress and hassle accompanying a less than adequate property inspection by calling Wake County Home Buyers at (919) 473-6885 or sending us a message today.