Once you have found a buyer for your home, you need to have your home inspected. During this inspection, an inspector will look for any safety hazards or damage in the home. Failing this home inspection can mean there is extensive damage or hazards that need to be addressed. If you fail, there are still options for you to sell.
Fix What Failed Inspection
If you failed the inspection because there are problems with your home, then one of the most natural things to do is fix the problems. You want to make sure the home is safe for the buyer and you need to address all the issues on the inspection report. Before beginning any repairs you need to have a conversation with the buyer and ask them if they are alright with you doing the work or if they’d prefer for you to hire a contractor. In some cases, you can also make a deal with the buyer and give them a repair credit that will cover the costs of fixing the home after you sell it to them.
Disclose Issues to the Buyer
Making repairs on a home is expensive and can take quite a bit of time. If you want to avoid this, you can have a discussion with your buyer and disclose all the issues with the home. Failing to disclose known defects can create legal problems for you. Let them know what the issues are and what the extent of the damage is. The buyer can then choose whether or not they want to go through with the sale and fix everything up themselves. Keep in mind that disclosing these issues with no intent of making repairs may deter your buyer.
Sell to a Cash Buyer
Failing an inspection might feel like you’ve hit a wall, but you actually can still sell your home after failing. If your buyer chooses to move on to a different property, you’ll need to find a new buyer and a beneficial option is a cash buyer. Many cash buyers are prone to buying homes in their current condition. The cash buyer will then fix up the home themselves and sell it again. Selling to a cash buyer is the perfect solution for anyone who simply wants to move on from their property.
You have several options for your next steps if you fail a home inspection. Take some time to consider all your options and how you want to handle your property. It may take longer and you may end up accepting a lower price, but it’s still possible to sell.
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