I showed a house a couple of weeks ago. It was a great house in a desirable location. The price was sort of low for the neighborhood due to it being a bit outdated and having some expensive deferred maintenance items.
I told my people I thought it would need a new roof soon, that the disclosure said the HVAC units were original and we could clearly see the wood rotting on the windows. I also told them that I didn’t think it was that good of a deal. By the time you got all that addressed, you would have in it what a better one on the street was worth. That’s just not worth it unless the property has some unique feature such as a fantastic lot or the perfect floor plan.
I gave all this feedback to the listing agent to help him out. Within an hour or so, I saw that the house had sold.
I remember thinking to myself “I bet it will come back on the market after the home inspection.” Sure enough, it came back on the market.
It is easy for most buyers to fall in love with a house only to be heartbroken by the end of the home inspection. Most buyers don’t know how long a roof lasts, how long HVAC units usually last, how much windows will cost. A lot of realtors out there don’t think about this either.
I can see the buyer for this house walking in for the home inspection, excited to again see what they were expecting to be their new home. They have a big smile on their face. The inspector begins reviewing the report. The big smile is now a grin. The inspector keeps going. The grin turns into a blank expression. The inspector gets to the end of the report and the buyers now have a frown.
Then the buyer has their agent write a huge repair list that the seller refuses to do.
It all ends with the buyer looking for a much better house and the seller hoping to find another buyer.
I try to prevent this outcome for my clients. It wastes time, money and even more so, is emotionally draining for the buyer.