CHAPTER 16 Closing the Sale on a Vacant Home
If the home has been vacant for some time, the first thing on your checklist as a seller is to have a home inspection conducted, to ensure the home has zero issues. However, if any issues arise during inspection, be sure to ask the inspector what steps you will need to take to have them resolved.
CONDUCTING A HOME INSPECTION
A home inspection will give you an accurate picture of your home’s current condition. The inspector will do a walk-through examination of both the interior and the exterior of the home, and check for any ventilation, structural, plumbing, electrical and element issues. They will also check the condition of appliances and mechanicals, such as the furnace, hot water heater, air conditioner, refrigerator, oven, dishwasher and washer/dryer to ensure they are in working order as well. Generally, a home inspection will take a couple of hours, and at the end the inspector will produce a report stating all the issues uncovered during inspection.
BACKING OUT OF THE DEAL
Depending on the terms of your contract, there are inspection contingencies which the buyer can invoke to back out of the deal for reasons related to home and house systems condition after they have gone over the inspection report. The buyer can cite “deal breakers” within the report addressing why they are backing out of the deal. 93
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