ou have just negotiated a contracts, the buyer has the
deal with a buyer and right to have the for sale by
managed to sign the sales owner property inspected. If
contract. these inspections aren’t
satisfactory to the buyer, the
(There is a link to download a deal could end up turning bad.
free ebook, that gives you 101 There are three major types of
Tips For Selling Your House, at inspections that the buyer can
the bottom of this page). have completed.
The good news is that you’re • Termite Inspection. Depending
almost there. on your state’s laws either you
or the buyer could be responsible
The bad news is that you’re not for the termite inspection. If it
quite there. is your responsibility as the
seller, then you must have a
Even though the buyer has signed letter from a licensed pest
the sales contract, there’s still control company that states your
room for the deal to fall for sale by owner home does not
through. have any termites. Whether you or
the buyer pays for the
Two big parts of the for sale by inspection, it is your duty to
owner housing transaction still clear up the problem before
lay in the balance – the closing.
inspection and the buyer’s
mortgage. • Roof Inspection. Should the
roof inspection result in repairs
Housing Inspections to be completed, you are required
to cover the repairs.
With most standard sales
• General Inspection. This is an buyer does not get approved for a
inspection of major appliances, mortgage that is large enough to
air conditioning, heating, buy your for sale by owner house,
plumbing, and electrical systems. it is a major deal killer.
As the seller, you are required Without financing, it is
to repair or replace any of these impossible for the buyer to
items that fail inspection. purchase your for sale by owner
house. You certainly aren’t going
Avoid inspection problems by to give it away.
having your own inspection
completed before you put the for What can you do to avoid this
sale by owner home on the market. problem? Pre-qualify your buyers.
That way you have time to make Ask prospective buyers for a
the repairs before a buyer’s pre-approval letter from a
inspector catches them. In many lender.
cases, it is cheaper to make
these repairs when your own Serious buyers will have already
inspector finds them. gotten pre-approved for a
mortgage. Make sure the amount
Alternatively, you sell the for the buyer has been pre-approved
sale by owner home “as is.” Such for will cover the sales price of
a stipulation must be included in your for sale by owner home.
the sales contract.
You might also work with the
Mortgage Fall-Through’s buyer to obtain financing. If you
are working with a real estate
Your buyer’s ability to purchase attorney, he or she might be a
the for sale by owner home is resource that can assist the
contingent upon his or her buyer in contacting a lender or
approval for a mortgage. If the mortgage broker. Alternatively,
you can contact a local real been pre-approved for a mortgage.
estate agency to get This diminishes the likelihood of
recommendations on lenders or a deal-killing surprise later on
brokers. in the for sale by owner housing
transaction.
It is a good practice to work
only with those buyers that have
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Geri Mason
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