Whether you are the buyer or seller, the home inspection is a vital part of the purchase process and negotiations. Both parties have reason to be concerned if the inspection doesn’t go well, but a realtor can guide you through what happens next to the property for sale. The team at EXIT Realty Urban Living has shared what to expect if this occurs in your sale in Jersey City, NJ, and surrounding areas.
A Guide to Property for Sale Failing Inspection
What “Failing” Inspection Means
While it’s a commonly used phrase, a house cannot technically fail inspection since it is not a pass/fail test. Instead, it informs the buyer and seller about any issues with the property. The inspector provides a full report that outlines any problems with homes for sale, which may include estimates on how much the necessary repairs would cost.
How to Handle a Bad Inspection
If an inspection reveals issues with a property, it’s up to the buyer and seller on how to proceed. There are a few options since both parties will negotiate who will pay for the repairs. Some buyers may request that the seller has them handled before finalizing the sale, or the seller may give the buyer credit for a full or partial cost of the repair. This allows the buyers to manage the details after the property is theirs, but with a financial contribution from the seller for the cost of the restorations. If the buyer wishes, they can also back out of the sale.
Working with the right real estate agency will keep setbacks or complications like these from ruining your sale. The experienced team at EXIT Realty Urban Living can help you find the perfect property for sale or sell your home for top dollar. Contact their real estate company at (201) 380-4200 to schedule a consultation with one of their helpful agents.