INSPECT

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As in the Aretha Franklin song RESPECT, the residential real estate industry is singing a new version INSPECT and it can be serious business.

The inspection phase of a real estate transaction has always been a slippery slope.  Often buyers view it  as the last chance on return items or the skiing without footwear phase...cold feet.
Sellers view the inspection as the ultimate "do over"...requests to remodel or redo, as in appliances, carpet, even price.  The inspection phase is critical,  it can swing either way... the termination of a contract or the successful negotiation towards the closing.  Most buyers and sellers would prefer the latter, hastle free, ut how do you get there? 

Many sellers are pre-inspecting their homes prior to listing and marketing, often a wise recommendation from their listing agent.  The pre-inspection by a qualified inspector is a preventative measure similar to the "wellness" check by your health practitioner.  If your sewer line needs repair, best to get it repaired prior to signing a negotiated buy and sell contract with a buyer because you will have to repair.  If you know the hard costs before negotiating your bottom line price, you have positioned yourself.  Buyers don't necessarily want to point out that the home has been filled with radon to a seller that has been living in the home, yet if radon levels are above the EPA recommended guideline the house will not sell or close without mitigation.  Both examples are not inexpensive items to cure, so if a seller knows the hard costs or has cured the problem prior to listing, those costs will factor into either the list price or the negotiated sales price.  With a pre-inspection from the seller and made available to the buyer and the buyer's inspector, many of the unecessary items on a buyers notice to correct are eliminated.  The inspection should only target items to correct that are critical to the safety and welfare of the home and its inhabitants, so re-painting a few nicks on the baseboards should not appear on the notice to correct.  A pre-inspection will address the target items, a wise seller will have those items addressed and the motivated buyer will continue with the motivation that led to the negotiated contract to sell.

There have been several changes to the 2013 Colorado Real Estate Commission's approved forms for buying and selling real estate.  Many of these changes address the inspection phase of the contract so it is critical for buyers and sellers to work through the process with a Realtor.  The Kentwood Company has provided continuing education contracts classes for the brokers and licensed assistants, continuing to make us the number one real estate company in the Denver area.

If you have any questions regarding the changes in the Colorado purchase agreement/contract to buy and sell, don't hesitate in emailing me at judy@kentwoodcity.com or phoning me at:
Kentwood City Properties
303-820-2489

I-N-S-P-E-C-T   take care of ...TCB







posted: January 28, 2013 - Judy's Denver - Blog
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