In today's Buyer's market and current economic conditions sellers must take extra steps to become competative enough to win a sale. With the growing abundance of shortsale and foreclosure homes, where the price points becomes the most important issue for negotiations, the condition of the property may be the single factor to swing the sale your way.
As-Is contacts make home inpsections an extremely important part of the transaction. This one single issue has the potential to make or break your sale. Therefore, sellers must distinguished between cosmetic home improvements and repairs that prevent or correct safety issues. Most buyers will accept cosmetic or inexpensive repairs because of the initial negotiated price reduction. However, when a major expensive potential problem is detected by the home inspection buyers normally walk away.
So make sure you differentiate between cosmetic and safety issues. Cosmetic are issues that items such as painting, cleaning, floor covering, and cabinet hardware among others can readily fix. Safey Issues are items such as major electrical, plumbing and foundation problems.
Some foundation problems are obvious:
cracks
bowing walls
tilting chimneys
windows or doors that are difficult to open or close
Drywall cracks that commence from corners of windows and doors
If you have any of these signs in your home, use an expert to correct the problem before you place your home on the market. If you cannot correct the problem at this time because of the economic condition, then be knowledgable and prepared to deal with the issue of cost once it comes up.
8/16/2010
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