Explore the pivotal NAR Settlement in New Jersey: A transformative shift for real estate, uncoupling commissions and necessitating separate buyer's agency agreements. Essential insights for buyers/sellers, revealing impacts on negotiations, transparency, and market dynamics.
When selling your home, be prepared for the buyer to request a home inspection.
A home inspection contingency stipulates that, within a set time period (usually 7-10 days after contract ratification), the buyer will have a licensed professional conduct an inspection to document the overall condition of the property, and ensure all systems and components are working properly. Based on the findings of that inspection, the buyer can either 1) negotiate with the homeowners over the price of repairs, or 2) back out of the contract.
Obviously, you want to avoid losing a buyer over an inspection. A long list of recommended repairs can be a red flag for buyers that your home is not in great condition, and—yes—could even make them nervous enough to cancel the contract. The best way to avoid this, and to ensure a smooth escrow process, is to proactively resolve potential issues before the inspection.
Here’s all the pitfalls that might trip you up on inspection day, and how to avoid them:
1. Do a pre-inspection. Prepare as if everything will go wrong (both with the inspection and with the escrow process). We recommend doing a pre-inspection to avoid being blindsided at the home inspection. If you prepare for the worst, you will be positioned to respond effectively if things do go wrong, and you’ll will stand a greater chance of preventing them from happening in the first place. Logical, right? It’s the best way to know what areas to address. Don’t forget to have the pool/pool cover, and fireplace, chimney, and flue inspected, too. What you don’t know will hurt you.
If it’s broke, fix it. Make sure all your appliances are in working order. Fix those leaky faucets and showerheads, too. Garbage disposals, automatic porch lights—don’t give the inspector any excuse. And of course, when in doubt, re-grout!
Check under the roof—and in the basement. Maybe you don’t spend a lot of time in these spaces, but the inspector will. Look for any telltale signs of problems: droppings, water, mold—especially mold. That can be a deal-breaker so get it remediated.
Service your systems. Change filters, check HVAC, septic systems, wells, generators—all of it.
Debug the place. Get a prevention pest plan for termites, carpenter ants, bees, mice, etc. Even if you don’t think you have bugs, hire a professional to inspect your home, and treat if you need to.
Look up for leaks. Ceilings show signs of past or present water issues. You may not have noticed—but inspectors do.
Check your sewer line. Did you know you’re responsible for your sewer line all the way to the main in the street? Now you do. Make sure the whole span is in good condition.
Don’t “leaf” this out. Trim trees back from your house and clean out those gutters.
Seek out silent saboteurs. Test for radon or gas leaks and address them. And if you haven’t yet, do a sweep of your property for a buried oil tank. Undisclosed oil tanks are becoming an increasing concern for buyers due to fears of leaking oil.
Be transparent. Don’t try to conceal defects. Buyers might begin to wonder what else you’re hiding. If you have no intention of repairing something, say so up front. Like that old steam shower. Just manage expectations, and both the inspector and the buyer will know where things stand.
Additional Insights:
Don’t be alarmed if a buyer hires a specialist. If the home inspector finds an issue, they might recommend a specialist come in for further review. General home inspectors can spot issues during an inspection, but might be unqualified to diagnose the problem. Specialists include: Chimney inspector; electrician; pest exterminator; HVAC technician; lead abatement contractor; appraiser to measure square footage; surveyor to measure for encroachments, boundaries and size of the lot; foundation engineer; roofer; sewer inspector; arborist to determine the health of the trees on the property; plumber; mitigation contractor to test for radon or methane gas.
Don’t give in to unreasonable buyer requests. Sellers should never fix cosmetic issues, cheap repairs, or pay for renovations the buyer is planning.
If there was a way for you to get more value for your home without spending tons of $$$, effort and time? To see how my sellers get more money for their homes with these simple low cost hacks, click the link below for instant access to all my tips.
Tips Here ➡️ https://topnjrealtor.com/seller-tips
To Increase the value of your home, get these proven tips!
After over a decade of experience our team has perfected the highest ROI prep tips that mean more money in your pocket! Here is a quick checklist to get you started with prepping your home for sale. These tips are designed for high impact and low effort!
Don't get personal. It’s time to move out emotionally—and physically. Survey each room, and pack away personal items such as family photos, bric-a-brac, medicine, etc
Declutter and Update. Take out bulky furniture, old electronics; clear off desks, tabletops, shelves. Keep rooms (especially bedrooms) decluttered and minimal.
Paint a fresh perspective. Whites, neutral, pale grays, can make your house feel fresh and new again— and the buyer feel calm and at home.
Shed some light. Make sure every light bulb is energy- efficient, and at the highest wattage the light fixture will allow. Give all fixtures a deep clean for maximum sparkle.
For the rest of the checklist, https://topnjrealtor.com/seller-tips
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