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Surviving the Home Inspection
When you sell your house, chances are high that the buyer will be getting a home inspection. After all, a bank doesn’t want to loan money for a house that is in complete disrepair.
I’ve made a lot of updates to my house over the last 6 years. Recently, I even had some electrical and glass work done, knowing that they would be called out during an inspection. But guess what? Even with all the foresight in the world, the inspector will still find problems. That’s their job: to help the buyer save a little money.
Expect Some Stuff from the Inspection
My home was recently inspected. The inspector called out about 10 minor issues. Repairs would probably add up to $1000. However, I’m in the process of getting ready to move and I don’t really have the time or energy to deal with a bunch of little stuff. My solution was simple.
I listed my house for $229,500. The current bidder offered $231,500. The buyer did not ask me to help pay any closing fees.
Here’s what I did. I offered to pay $2,000 in closing fees in lieu of the minor work that needed to be completed. In the end, I’ll get my original asking price of $229,500. The buyer will get a nice house with a few minor quirks and some cash in their pocket. The buyer accepted.
It’s Really No Big Deal
Unless the real estate you’re selling is falling apart, the inspection isn’t really too much to worry about. Just be prepared to either do the work or offer an incentive to the buyer. I opted for the second. After all, one of the reasons I’ll be renting again is that I’m not a handyman. Problems around the house become expensive and frustrating for me.
In my case, I priced my home $4,500 higher than my realtor suggested. It worked. Not only am I getting my asking price, but I’ll be getting it after inspection, closing, etc. Of course it depends on the market, but it was a good strategy for me.
Everything Is on Track for the Move
Barring nothing extreme or weird happening, everything is falling in line. The house sale keeps moving forward. I’ve secured a nice apartment downtown. I’m selling off excess stuff that I don’t really need. I’ve got another month to get everything done. It’ll be a ride.