If you receive my newsletter, you know that I spend a lot of time talking about taking care of your home. After all, it is probably among the biggest investments you have, right? And, if you DON'T receive my newsletter, let me know and I'll gladly send it to you.
I know of two real estate transactions recently that have fallen apart because of the condition of the house. In both cases, the home inspections that the buyers had indicated significant repairs that were necessary. The CURRENT "Offer to Purchase and Contract" requires that all "systems" of a house be "functioning as intended and not in need of immediate repair". There is portion that follows shortly that says "Buyer shall have the right to terminate this Contract if a reasonable estimate obtained by Buyer of the total cost of Necessary Repairs equals or exceeds $____________. In both cases that I'm referring to, the buyer was able to get out of the Contract because of this clause. This obviously leaves the seller frustrated because he now has to put the home back on the market (and take care of the repairs indicated by the inspection anyway), and the buyer is upset also, as he has now spent money for a home inspection and will have to pay for another home inspection on the next house he finds, as well as start the home search process all over.
Starting January 1, North Carolina is going to a new Offer to Purchase and Contract, in which case the buyer will be able to get out of the Contract "for any reason or for no reason". Obviously I'm simplifying this, as there are some other considerations involved, but the bottom line is that it will be even more important for a SELLER to make sure their house is ready to be sold. Therefore, I am beginning to strongly recommend that a seller have a "pre-inspection" done on their house, and address any issues prior to putting it on the market. Remove as many buyer objections as possible as soon as possible, and the transaction should be a lot smoother.
I also would suggest that ANY home owner have a home inspection done. An inspector will check out things like the built-in appliances, electrical system, plumbing system, heating and cooling systems, roof coverings, doors, windows, exterior building surfaces, foundations, porches, decks, fireplaces and flues, crawl spaces and much more. Think about it - wouldn't it be nice to know that everything in your house was functioning properly? Consider the "peace of mind" of knowing that the place you live is safe for everyone. And if there are problems, get them fixed!
If you would like to discuss this further, please send me an email. And, if you need some names of inspectors, let me know and I'll give you some referrals.
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