Preparing Buyers For a Home Inspection
As a Realtor, how do you keep your buyers from going off the deep end when they get surprised by the results of a home inspection report?
Keeping a buyer from over-reacting to an inspection report can many times be a challenge. And here are some suggestions for preparing your buyers for a home inspection, that can help you keep your buyers engaged.
Before the inspection even begins, its a good idea to confirm that the buyer you are working with has the appropriate mindset for the condition of the houses that they are willing to consider, along with the likely impact that this could have on what will be found during the inspection.
So for example if they are looking at older homes, they should understand that with this could come with some hefty repairs that will need to be considered as part of the transaction. And even if they are looking at newer homes, that they should understand that even new homes are not always in perfect condition.
Many buyers may have the mis-conception that houses can "fail" their home inspection. Yes, in some states there can be certain conditions that need to be remediated prior to any transaction, but these tend to be very basic conditions, for example smoke detector installations, lead testing, or water heater strapping in earthquake prone areas.
But the real test that a home inspection must "pass," is whether it meets the minimum requirement for the home condition that the buyer is willing to accept. Having the buyer consider this in advance of the home inspection can help them to be prepared to deal with a possible big list of inspection findings.
And lastly, it can be helpful in preparing for a home inspection to have the buyer consider the potential repair budget that they would be willing to incur as part of the transaction. In addition to helping them with their financial planning, this also gets them mentally ready for dealing with potential unforeseen items which may be uncovered during the course of the home inspection.
Like the old expression "an ounce of prevention is worth a pound of cure," hopefully you will find that these suggestions for preparing your buyers for a home inspection will make even the most surprising inspection results be easier for your buyers to handle.
Keeping a buyer from over-reacting to an inspection report can many times be a challenge. And here are some suggestions for preparing your buyers for a home inspection, that can help you keep your buyers engaged.
Set Proper Expectations
Before the inspection even begins, its a good idea to confirm that the buyer you are working with has the appropriate mindset for the condition of the houses that they are willing to consider, along with the likely impact that this could have on what will be found during the inspection.
So for example if they are looking at older homes, they should understand that with this could come with some hefty repairs that will need to be considered as part of the transaction. And even if they are looking at newer homes, that they should understand that even new homes are not always in perfect condition.
Clarify That Inspections Are Not 'PASS-FAIL'
Many buyers may have the mis-conception that houses can "fail" their home inspection. Yes, in some states there can be certain conditions that need to be remediated prior to any transaction, but these tend to be very basic conditions, for example smoke detector installations, lead testing, or water heater strapping in earthquake prone areas.
But the real test that a home inspection must "pass," is whether it meets the minimum requirement for the home condition that the buyer is willing to accept. Having the buyer consider this in advance of the home inspection can help them to be prepared to deal with a possible big list of inspection findings.
Discuss a Potential Repair Budget
And lastly, it can be helpful in preparing for a home inspection to have the buyer consider the potential repair budget that they would be willing to incur as part of the transaction. In addition to helping them with their financial planning, this also gets them mentally ready for dealing with potential unforeseen items which may be uncovered during the course of the home inspection.
Like the old expression "an ounce of prevention is worth a pound of cure," hopefully you will find that these suggestions for preparing your buyers for a home inspection will make even the most surprising inspection results be easier for your buyers to handle.
