Understanding the Home Inspection
We find the inspection process confusing – do we have to fix everything in the inspection report before we close on our home or just the repairs the buyer requested?
The home inspection report is the document from which your buyer works to make their repair requests of you. Some buyers will ask for everything and others will ask for only those items that they think are important. They may let some things go, for example, if they are planning on renovating an area and anticipate fixing those items as a part of the renovation.
Once you and your buyer agree on a list of repairs, these are memorialized on an addendum. It is that addendum, called a Change in Terms Addendum (“CTA”), from which you work when completing your repairs. You need not refer to the inspection again unless the CTA references it. You do, however, need to make sure that you do everything on the CTA exactly as specified, so be sure to read it carefully and provide a copy to your contractor(s). For example, if the CTA says that you will have GFCI outlets installed by a licensed electrician then you need to make sure you hire a licensed electrician, and not your favorite handyman, to make the repair! If the CTA says you must paint to match existing then you need to take a sample of the existing paint to the paint store and color match it – don’t rely on old paint in cans – paint fades with age and it won’t match. Be very careful to be sure you are complying with the terms of the CTA – if you do not, or if your contractor does not, your closing may be delayed or postponed until the work is done as specified. Along those lines, be sure to review your contactor’s work when complete and make sure that he actually did what you agreed to do on the CTA. If not, request that he return before it becomes a walk-through issue.
And of course, be sure to get paid receipts from all contractors, or if they have not been paid, notify the closing company so that they can be paid at closing. All repairs must be paid for before ownership changes hands so be sure to stay on top of your bills, and provide receipts to the buyers agent.
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Associate Broker
HOWARD HANNA
REAL ESTATE SERVICES
401 Broad Street
Sewickley, PA 15143
Cell: 412-779-6060
Office: 412-741-2200 x238
kbarge@howardhanna.com
We hear that selling a home can be a trying process. They say forewarned is forearmed. Any annoyances a seller should be expecting?
It’s true — we are in a very strong seller’s market. If you are thinking of selling, there is no better time than now. But even in a hot market, it is important to remember that a home seller is not much different than a seller of any other product – it is the seller’s job to sell. We agents are here to partner in that sale by marketing what you have to sell and negotiating the terms of that sale, but in the end, it is up to the seller to actually sell.
You are correct – there is quite a bit to do to get your home ready for market. We have HGTV to thank for high buyer expectations. Gone are the days when you could just turn over the keys and have your home sell. Today’s buyers handsomely reward sellers who present perfectly conditioned and staged homes. But there is a long list of to dos to accomplish to successfully present a home for resale. Closets, garages, basements, attics and the rooms we live in must all be decluttered. Often off-site storage facilities need to be procured or charities contacted to haul away the items we no longer need. Most have a list of minor repairs that need to be attended to. Sometimes more significant improvements should be undertaken. Many need to ameliorate the wear and tear our children and pets bring to our homes. The lists can seem endless. And of course there is the staging – its often a good idea to bring in fresh towels and bedding to make your home look particularly fresh, for example – those all need to be shopped for! If you have read my columns you are likely aware that I offer no-charge consultations to help you develop your to do list. But then what?
544 Academy, Sewickley
314 Myrtle Lane, Edgeworth
It’s a well established myth that our market slows down over the holidays! While it might be true that we (happily) transact very little business on Thanksgiving Day or Christmas Day, the fall and winter months are no less vibrant than most other months!