I’m Selling.. Do I Have to Show my Sellers Home Inspection Report to the Buyers?
🤔 👍🏼Great question from a Ventura Home Seller 🏠… Sellers Home Inspection..?
“I did a sellers home inspection before I put my house on the market, do I have to show my homeowners inspection report (Sellers Home Inspection Report) to the buyers, now that I’m in escrow?”
The answer is.. Yes. You should disclose all known material facts about the property to a potential buyer. This would include any Sellers Home Inspection Report, other reports, inspections, repairs, etc. that you had done on the home. Especially things done in preparation for listing the home. This rule of disclosure is designed to protect both the seller, and the buyer.
Why should I tell the buyer about a Sellers Home Inspection Report that I had done before I listed my house?
It’s important to tell the potential buyer of your home about any inspections done – and show them the report – during the escrow period, because the buyer has the legal right to know any and all material facts about the home, which effect the desirability of the home, prior to purchasing it.
🤓 Another reason is because then you as a seller have fulfilled your legal obligation to disclose all known material facts, and you’re off the hook and in the clear!! 👍🏼
But what if i fixed all the issues on the Sellers Home Inspection Report? Why bring it up? 🤔
All the better! If you fixed the issues / repairs discussed in the Home Inspection Report, then you can tell the buyer(s) this, and look like the perfect seller to the buyer(s)! This will ease any reservations that the buyer(s) might have had in moving forward in buying your home.
What if I DIDN’T do all the repairs in the Sellers Home Inspection Report AND I DON’T WANT TO. Won’t the buyer take advantage of this?
No two buyers are created equal, and no two real estate transactions are the same! Everything is a negotiation, and you can always decline to do requested repairs.
Lot’s of homes are sold “As Is,” with the sellers declining to do any repairs. 🏠 Discuss your home’s overall desirability, and the market climate in your specific neighborhood with your listing agent. If your house is desirable because of location, school district, neighborhood, etc., then repairs may take a second place anyway.
Another factor to consider: How HOT is your house??
Do you have multiple offers on your home? If you have more than one buyer offering to buy your home, then you may not have to do many repairs after all.
What if I don’t show the buyer(s) my Sellers Home Inspection Report? What’s the big deal?
The problem with this is… if for any reason an issue comes to light for the buyers after close of escrow (COE), and they discover that you had prior knowledge of it – but did not disclose it to them – (hard to get around this if you had a Sellers Home Inspection done), then… you could be in for a law suit. 😳
Is it smarter to do the repairs before I put my home on the market? Or wait to hash it out with the buyers in escrow? 🤔
If your goal is a smooth escrow with no re-negotiation attempts from buyers, tie as many loose ends up as you can, before you list your home on the market. In my experience, if a home seller is proactive and comes onto the market with a “sale ready” home, they typically sell faster, to higher quality buyers, and with fewer complications.
If you’re at all able to hammer out some key issues prior to putting your home on the market, this is ultimately better for you. If you’re unable to accomplish this, then, not to worry because you still have options…
About a week into the escrow when the buyers have their own Buyers Home Inspection done, they will present you with a Request for Repairs. They may ask for some repairs to be done, a credit back towards repairs needed, or they may skip this step all together! It all depends on your specific situation.
What are some things I should do before I put my house on the market? Watch this video..
What about Termite Repairs? Should I do them before I list my house on the market??
Is it time to sell your big 2-Story Family Home, and buy a nice little 1-Story Home? 🏠
Click the link to get access to all the 1-Story homes available in Ventura right now.. http://connectres.com/single-story-homes-available-list-in-city-of-ventura/
To get answers for your real estate questions, email me at Temple@ConnectRES.com or ☎️ call me direct at (805) 208-6024. ☎️ website.. http://www.ConnectRES.com
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