In recent years, we’ve seen an increase in the number of home
sales falling through. Not only does this create extra stress for sellers, but
it may also result in the seller accepting a lower price from the next buyer.
Most sales that fall through do so because of inspection
issues. If you plan to list your home, start by considering the following:
1. How old are your heater and air conditioner? Do they need servicing or replacement?
2. How old is the hot water heater?
3. How old is the roof? Does it appear to be in
poor condition?
4. Do any of your windows leak?
5. Are you aware of any electrical issues?
6. Are any of your appliances broken or not
operating properly (e.g., stove, dishwasher, microwave)?
Sellers can minimize the chances of their sale falling
through by repairing as much as possible prior to listing the house. Few houses
in our area sell without a home inspection, and any problems are likely to come
up then.
Our standard PA agreement of sale allows buyers to terminate
the agreement during the inspection period if they don’t like the inspection
results. They don’t necessarily have to ask the sellers for repairs.
Alternatively, buyers can opt to ask the sellers
to make repairs. Sellers should make a good-faith effort to come to agreement
with the buyers on repairs, because if they cannot, the buyers might terminate
the agreement and the sellers will need to put the house back onto the market.
Copyright @ 2020 by Annette Nelson. All Rights Reserved.
