As the agent of the "For Sale By Owner" home, it is imperative that you are aware that home inspections are required by most contracts. A standard sales contract will give the buyer the opportunity to have many inspections performed on both the home and the property. If the home inspection results in some unforeseen information, it is possible for your sales to fall through. This is a terrible situation that every seller should avoid.
The inspections are as follows:
General Inspection: This home inspection is required because it ensures that all major appliances, heating, plumbing, air-conditioning, and electrical systems are in good working condition. It is the responsibility of the seller to keep all of it in working condition until the sale is closed. It will also be the responsibility of the "For Sale by Owner" seller to make any needed repairs to the house.
Roof Inspection: The "For Sale By Owner" seller has a chance of being liable to make repairs for leaks or any damage to the roof for up to three percent of the price of the sale. This liability is especially valid to sellers in areas with heavy snow.
Termites and other Wood Destroying Organisms: In this event, liability will differ depending on which state you are in. In some states the seller is obligated to pay for up to three percent of the purchase price to cover the repairs. In which case, the buyer would be obligated to pay for the inspections.
However, other states will have the "For Sale By Owner" seller be responsible for providing a certificate guaranteeing that the home is clean and termite free to the buyer. One must obtain this letter or certificate through a licensed pest control company. The majority of the time, you will spend less than one hundred dollars for these inspections.
For most sales contracts, one must have these home inspections concluded within a limited amount of time. If a buyer runs out of time, he or she loses the right to have any of these inspections. If the buyer has the inspections concluded within the given amount of time, the results will be sent to the seller.
As the "For Sale By Owner" seller, it is in your best interest to avoid any unforeseen surprises that can coincide with these home inspections. As a precaution, you can choose to hire an inspector in order to acquire a written report describing the condition of your home. More often than not, you will save money on the repairs that an inspector you have hired points out as opposed to an inspector the buyer has hired. The Home Inspector Locater is a great service that is available which is designed to help you find an inspector in your area. If you should choose to hire your own inspector, it will generally cost you about two hundred dollars. That money will be well spent, for you will most likely save a lot of money by doing so.
If you would prefer to avoid the home inspection entirely, you can do so by selling the home "as is", but generally speaking, you will be forced to sell your house for less. If you are the agent of the "For Sale By Owner" home, it is imperative that you make sure the stipulation of the sale of the house "as is", is written in the sales contract.
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