As a home seller, you must cross multiple hurdles before reaching the finish line. The home inspection process is often a significant point of contention between the seller and the buyer. Negotiations with the buyer or your agent can get heated, and you might feel disheartened by the potential buyers’ requests.
You may be wondering, “How do I sell my house fast in Columbia, SC?” One part of a quick sale is to ensure that the home inspection proceeds smoothly. Even if there are hiccups along the way, you must keep your emotions in check to turn the negotiations in your favor. Continue reading to discover the best ways to negotiate the results of a home inspection with the buyer.
What Can You Do If the Home Inspection Reveals Problems in Your Home?
Here are the different paths you can choose:
You can refuse to comply with the repair requests made by the buyer. That said, this option works in your favor only when you’re in a seller’s market. The available inventory in a seller’s market is low, and multiple buyers typically bid for the same property. With limited inventory and huge demand, the buyer is unlikely to have many other options. They will likely accept your refusal and buy the home even when it requires repairs. That said, if they have other choices in the market, they are likely to terminate the offer and move on to the next property.
You can complete the repairs if the requests are reasonable and within your budget. By complying with the request, you don’t miss out on the buyer’s offer. It also eliminates the hassles of listing your home on the market and starting the process over again.
You don’t have to agree with all the repair requests the buyer raises. You can choose which ones are essential to fix while leaving the cosmetic repairs to the buyer. For example, you can agree to replace the fire alarm as it is a safety concern while rejecting the request to add new carpets because the old ones are worn. Partial agreements put the ball in the buyer’s court, and they can decide whether they want to go ahead with the new conditions.
Finding a compromise is an alternative solution where you and the buyer agree to meet in the middle. For example, you can split the repair costs with the buyer or give them credit during closing. The idea of a compromise is to keep the transaction going, making it a win-win for both parties.
Include the Cost of Repairs in Your Listing Price
Before listing the property, you can have a home inspection done to calculate the cost of estimated repairs. Once you determine the market value, you can factor the costs into the listing price. In the listing, you can mention that you know the issues and have priced the home accordingly by factoring in the repair costs.
Raise the Price
You can check with the buyer if they are willing to raise the offer to pay for the repairs. Depending on the buyer’s loan amount, they might be able to increase their bid without impacting the appraisal negatively.
Check Homeowners Insurance
Check if any of the repairs requested by the buyer are covered under the homeowners insurance policy. Often repairs like roofing and siding are covered under insurance. Make sure to read the policy carefully before raising a claim because rejections may cost you the price of the deductible.
The home inspection might be a significant road bump in your race to make a quick sale. Keep your eyes on the finish line and use any of these strategies to complete the sale. If things don’t go your way, you can consider selling your home to cash home buyers in Columbia, SC. At Barrington Home Buyers, we buy houses as-is with zero repairs and inspections. Get in touch with our team to learn more about our home-buying process.
Do you have any further questions about selling your home in Columbia? Reach out to our team for the best advice and make sound decisions when selling your home.