What should sellers do when something goes wrong after the inspection period? Let’s discuss.
The last thing you want during a real estate deal is for things to go awry, but, as is true of life in general, things happen. Today, we’d like to share what you should do when faced with one type of problem, in particular: issues that arise after the inspection period.
The first thing to do when this happens is to realize it’s likely no one’s fault. The important thing is to tackle any problems that arise as quickly as possible. This means that if a seller notices their roof has sustained damage after a storm, for example, they need to let their agent know immediately. This is true any time the condition of a property changes from what was reflected on the inspection report.
Buyers and their agents must also be kept in the loop. Making them aware of issues won’t necessarily lead to them backing out of the deal, but terms may need to be renegotiated in light of the new developments.
To give you an example, our team recently dealt with just such a scenario. The seller was about to close when, all of a sudden, their home’s HVAC unit went out. Their first instinct was to replace it, but we advised them to ask the buyer and the buyer’s agent how they’d prefer to proceed, instead. The buyer ultimately chose to have the furnace replaced with the very same model, but another buyer might have wanted to pay a little extra for an upgraded unit. This is why it’s so important to ask. Communication is key during any real estate transaction.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.