If you’re planning to sell your Meridian Idaho home, be prepared that you won’t really have your home sold when you accept your buyer’s offer.
Because nearly every Meridian Idaho home is sold subject to satisfactory results of a home inspection.
Your buyers will almost certainly have your home inspected and it’s rare for a home to pass inspections without some needed repairs identified in the inspection report.
If repairs are needed, the buyer will usually submit a RE-10 Inspection Contingency Notice to the seller for the seller’s response.
The buyer can request a credit and agree to take care of items needing repair, or they can ask the seller to make repairs.
Minor repairs are often handled with the seller giving the buyer a credit in return for taking title to the property “as is”.
Resolving inspection issues with a seller credit to the buyer allows the buyer make the repairs themselves, or have the repairs made to their satisfaction, and sellers avoid making the needed repairs.
More significant issues often result in the buyer asking the seller to have the repairs completed and provide paid invoices for the completed work.
When repairs are made, buyers also have the right to have the property re-inspected to confirm that needed repairs have been completed correctly and to the buyer’s satisfaction.
Major issues (think mold, roof replacement, etc.) can result in a failed transaction.
There’s also an option in the RE-10 Inspection Contingency Notice that allows the buyer to cancel the transaction if they don’t like the inspection results.
Sellers should think twice about refusing to correct problems because the buyer can opt to cancel the transaction and another buyer will likely discover the same issues and request the same repairs.
While it’s somewhat rare for a deal to fall apart over inspection issues, it does happen sometimes.
That’s why I advise my sellers that resolving home inspection issues is “the second sale” when they sell their home.