Choosing to forego certain steps during the sales process can come back to haunt buyers. Here are two areas where your clients should understand their risks.
Not Having an Option Period and a Home Inspection
Considering the expenses involved in purchasing a home, buyers may be reluctant to spend any more money than necessary to close under the sales contract. However, the costs of an option fee and a home inspection are inexpensive compared to related potential savings for your client.
For example, an inspection could reveal a roof problem that requires several thousand dollars to fix. Buyers who obtain an inspection during an option period could negotiate a roof repair with the seller and, if not satisfied with the outcome, exercise their right to terminate the sales contract during the option period. Buyers who skipped the option period and inspection to save a few hundred dollars would likely regret that decision when they eventually discovered the roof condition.
Skipping the Final Walk-Through
The buyers are supposed to receive the property in the condition required by the sales contract. But what if the property’s condition has changed since their last visit? Maybe the sellers damaged the home when moving out. What if the sellers were supposed to leave the patio set and washer and dryer but instead took them?
It’s easier to resolve these types of situations if the buyers do a final walk-through right before closing. They can then voice their objections to any change in the property’s condition or any missing non-realty items before they take possession of the property. Once the buyers close, it’s much harder to remedy any issues.
These are only two of the many areas where your expertise as a REALTOR® is vital to your clients’ success.