Step 8: INSPECTION PHASE
The buyer has the right to have the house inspected for flaws that would cause them to change their mind about either buying the house, or the sales price. This is because there are so many issues that can be hard for the average buyer to discover (leaking roof, plumbing problems, cracked heat exchanger, etc).
If they choose to have an inspection and they object to anything that they discover, they must notify us in writing by the Inspection Objection Deadline set in the Contract.
If the buyer chooses to ask you to make repairs you basically have three choices. You can agree to correct all requested items, you can offer an alternative resolution, or you can refuse to do anything.
The buyer would then need to decide whether to withdraw their objections or terminate the contract. On average, you should expect $300-500 worth of issues to be raised by the buyer. If the major systems (furnace, water heater, roof, etc.) are at or near their expected life spans, you may want to prepare for more costly requests.
Don’t worry! This step can sound a bit scary, but I’ll be there to negotiate on your behalf!
P.S. It is a good idea to prepare for this step ahead of time by purchasing a Home Warranty. If purchased at the beginning of your listing a Home Warranty will cover many of the items that commonly come up upon inspection, and it ususually costs you a small service fee (around $50) to repair or replace the item!
Click here for information on my favorite home warranty company!
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