CHAPTER 16 Closing the Sale on a Vacant Home
The first thing that should be on your checklist as a seller is to have a home inspection conducted to ensure that the home has zero issues. However, if any problems arise during the inspection, be sure to ask the inspector what steps you need to take to resolve them.
CONDUCTING A HOME INSPECTION
A home inspection will provide you with an accurate assessment of your home’s current condition. The inspector will conduct a thorough examination of both the interior and exterior of the house, checking for any issues related to ventilation, structure, plumbing, electrical systems, and elements. They will also inspect the condition of appliances, such as the water heater, refrigerator, oven, and washer/dryer, to ensure they are in working order. Generally, a home inspection takes a couple of hours, and at the end, the inspector produces a report stating all the issues uncovered during the inspection.
BACKING OUT OF THE DEAL
Depending on the terms of your contract, there are inspection contingencies that the buyer can invoke to back out of the deal for reasons related to the home's condition and its systems, as outlined in the inspection report. The buyer can cite “deal breakers” within the report, addressing why they are backing out of the deal. As the seller, you may be able to work around this. For example, 87
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