Home Inspection and Warranty
Virtually every house will be inspected before a buyer commits to buy the home. No home is perfect, including custom homes which are brand new.
The buyer generally has an option period from 7 to 10 days to have the home inspected. In return for this privilege the buyer will give the seller an option check. The option fee is up to the seller, but it is usually between $100. If the buyer follows through on the home purchase the amount is credited to the buyer at closing. If the buyer cancels the contract then the seller gets to keep the option fee.
Every house needs some repairs. Also building codes may have changed since the home was built. The inspector will write all of these violations in their report. There is no perfect house. An older home will have a larger list of item needing repairs.
The buyers should accompany the inspector, so the inspector can tell them what repairs are necessary and what repairs really are not that important. For example an electrical plug need to be 8 feet form the corner, and it is 7 feet 10 inches from the corner. This would be a violation.
The realtor should submit an amendment listing the repairs which the buyer feels are important. The buyer may ask for a sum of money in lieu pf repairs, or the buyer may ask that the repairs be made by the seller. The seller has the option of canceling the contract or negotiating with the buyer.
Home Warranty Home Warranties have become very popular for sellers. It gives the buyer peace of mind in knowing that their repairs are covered. It gives the seller peace of mind in knowing that the buyer will not be calling them for repairs.
In Texas the seller usually pays for the home warranty. However this is a negotiable item, and the buyer can certainly pay for it. Home warranties are priced from $355 to $450 depending on the coverage.
1. Decision to Sell.
2. Pricing Strategy.
5. Virtual Tours.
6. Marketing Plan.