In a previous post I encouraged sellers to have their homes inspected in preparation for a sale.
To drive the point home let me tell you about two sellers right here in Wasilla who just today found out about problems in their home that each wish they had known beforehand. In each case the buyer was having the home inspected as part of their due diligence period before they closed on the home.
In the first case, the inspector found a problem with the foundation. The buyer and seller were both in tears because it now seems obvious that the transaction will not close. The buyer made plans to move into the home by the end of February and the seller desperately needs to sell the home to move out of state with her family. Now it’s back to square one. If a pre-inspection had been completed the seller would have been able to disclose the problem and perhaps fix it before marketing, or built it into the deal to be repaired during escrow. It is such a large issue at this stage of the transaction that it is likely the transaction will not close.