We’re almost to the end of the year, and the holiday season is in full swing with happy people everywhere. Here at Donovan Home Sales, there’s something magic in the air. If you hear a song and start to hum along, it may just be the Donovan 3 singing their rendition of “Do You Believe in Christmas?” If you want a reason to get into the holiday spirit and enjoy a catchy, festive tune, go ahead and watch our new music video.
Welcome back to another episode of “Keeping in Tune With the Market.” Today’s question is: What is a home inspection contingency and how do I deal with it?
Welcome back to another episode of “Keeping in Tune With the Market.”
Today’s question is: What is a home inspection contingency and how do I deal with it?
Imagine you’ve just found a great home or a great buyer for your home, and the time has come for the home inspection. A home inspection is usually done before an offer is made or accepted. A home inspection contingency is an addendum that is placed on a contract that states certain agreed-upon repairs must be completed within a given time frame.
After a licensed home inspection company has completed the inspection, which takes about an hour, they will then submit a written report to the buyer. The buyer will turn the report over to the agent, who will then turn it over to the seller.
Sometimes, structural or safety issues may be uncovered during the inspection. But it’s important to remember that not every item an inspector puts on the report is urgent. Some issues will just be cosmetic.
Not every item an inspector puts on the report is urgent.
But if there are major repairs, the buyer’s agent is going to make a repair request of the seller. A seller can obtain a second opinion from another professional at this point.
Once the buyer and seller are made aware of the items on the inspection report, negotiations can begin. It’s critical that everyone approaches these negotiations reasonably.
After everyone is in agreement, the seller must take care of the agreed-upon repairs prior to closing. The seller will need to provide the buyer with written receipts for any and all repairs.
There is still the possibility of the contract being canceled by either party if they cannot reach a consensus on a given item. However, if the contract moves forward and all repairs are taken care of, then the inspection contingency will be removed.
If a transaction is taking place between a good buyer and a willing seller, it’s best to take care of these issues as soon as possible.
Additionally, if you’d like a free copy of our report on how to avoid 11 costly home inspection mistakes, send me a quick email at info@homesbydonovan.com or text me at (727) 595-8880.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
So the market’s great and you decide to sell your home by yourself. What happens next? First, you put a sign up, put some ads on the Internet, and away you go. Soon enough, people start driving by your home, knocking on your door, and calling you—even Realtors. Then perhaps you get a buyer that comes by, and they seem pretty serious...until you find out they don’t have any credit and would like you to hold the mortgage. Then maybe your neighbor knocks on your door and asks if you’ll sell your home at a discount to their children because they don’t have much money. These situations can be very frustrating, but should you give up on your dream of selling your home all by yourself? No you shouldn’t, because I have three valuable insider tips to help you pull it off without going crazy: 1. Make sure you market your home effectively. Many Realtors place their homes on Realtor.com, Zillow, and the MLS (multiple listing service) for their best results, but successful Realtors also place their homes on about 46 other websites on average. Statistically, over 92% of people start their home search online. You want to make sure your home is seen by the most number of people, so explore other places on the Internet you can advertise your home. You’d be amazed at the amount of traffic you can garner.
Make sure your home is seen by the most number of people.
2. Make sure your buyer is both pre-qualified and pre-approved for a loan. What’s the difference between the two? When someone’s pre-qualified, they’re only asked a few questions by a mortgage broker and based on that information, they’re told what their chances are for getting a loan. With a pre-approval, the buyer has actually made a full loan application and gone through the entire process—including checking their credit, income, tax returns, etc.
3. Remain objective about your home and the home selling process. If the buyer has a few negative comments, don’t get defensive. Try instead to acknowledge them and use that as a stepping point to highlight the positives of your home and how it benefits them.
If you have any questions or you’d like to see the other seven insider tips to help you sell your home on your own, don’t hesitate to give me a call or send me an email. In the meantime, don’t give up and keep in tune with the market. I look forward to hearing from you.
