Real Estate Tip of the Day
Keep your home maintained even after a Buyer’s inspection
- Your home passed Buyer’s inspection
- What if something breaks down in your home after inspection?
- That Water Heater that has been hanging on by a thread breaks down a day before closing – now what?
- Were you thinking that you’d just keep it all a secret?
You listed your home for sale, your promptly found a Buyer for your home, the Buyer’s Inspector couldn’t find anything wrong with your home – thank goodness! Who ever thought selling a home would be so easy? Wait a minute, not so fast. Oh, don’t tell me, something just happened when everything seemed to be falling into place so nicely. What happened? You went to turn on the water in your shower to let it run so it would warm up for a nice relaxing shower. You lollygagged the usual time you do, as you wait for the water to warm up, as nothing is worse than stepping into a cold shower. It’s time to get in and as you stepped in, your toe met with cold water. You checked the faucet to make sure you had adjusted the faucet correctly towards the hot water and you did, then why no hot water? Well, after a thorough examination it has been determined that your hot water heater just broke down. You can’t believe it, a day before closing, just one more day is all you had to go for everything to be just perfect. So now what? You don’t want to have to spend any money. You say to yourself, no problem, I just won’t tell the Buyer. Let me tell you why that’s not a good idea.
Usually, right before the Buyer will head over to the closing, they will perform what is called a “Buyer’s walk through”. The Buyer wants to make sure that your home is in the same condition as when they were last there during the home inspection. If they come across anything that is now wrong with your home, it will have to be addressed and resolved before they may agree to go forward with the purchase of your home. So now in your case with your water heater having just broke down, they will likely want the water heater to be in working order; heating water. With this in mind, you can expect that the Buyer will expect a new water heater. Obviously, there won’t be enough time to buy and install a new water heater so they’ll request that you, as Seller, put money into escrow with the Title Company/Attorney’s office to hold to use to replace the broken water heater.
It may not be a water heater that breaks down in your home. It may be something that you chose to not care for as you usually would, because hey, it didn’t matter now, you’re selling your home. That’s the worst thing that you can do once you’re under contract to sell your home. You want to continue to care for your home, perhaps even more so than you usually would just so you can be safe that nothing goes wrong that will cause the Buyer to ask for money from you before closing. As I’ve said before, how all the little details and maintenance of your home matters, it matters right through to the day of closing. Once you’ve received the funds from the sale of your home and both you and Buyer have signed all of your home sale documentation, you can then forget about being concerned about your home and not before. You don’t want to get a Buyer all up in arms on the day of closing when they find out something is wrong with their home. It’s a very stressful time and even something little could push a Buyer over the edge to cancel the purchase of your home. It’s best to continue to maintain your home and if something breaks, fix it. You don’t want to risk the Buyer discovering your cover up.
Call me, Lynn Pineda, at 954-464-1100 and I’ll provide you with additional Real Estate tips and answer your question; “should I sell my home now”. Or feel free to email me at LynnP@ImagineYourHouse.com.
Real Estate Article written by South Florida Realtor, Lynn Pineda. eXp Coral Springs Realty.
Tagged coral springs realtorhome selling tipsKeller Williams Coral Springs RealtorKeller Williams South Florida Real Estate Agentreal estateReal Estate Tips for selling a hometips for selling your home
FAQs
The default inspection period if no other date is entered is 15 calendar days. If the inspection reveals the need for any repairs, the buyer may request a credit, ask for a price reduction, or ask for the seller to make the repairs prior to closing.
Can a buyer be present during a home inspection in Florida? ›
Many variables could impact who should attend the inspection, including the contract, facts about the purchase, and if a realtor or agent is involved. Technically, the only person who is required to be present is the inspector. In most cases, the property buyer will attend the inspection, either for all or part of it.
What is the inspection period for as is contract in Florida? ›
Choosing The Right Contract
You see, with the “As Is” contract, buyers have a 15-day inspection period (which can be negotiated to be longer or shorter) in order to have a thorough inspection done on the property.
What is a normal inspection period? ›
The standard inspection time frame per the California contract is 17 days. The inspection period is routinely extended to 21 days in the Arnold and surrounding areas, to accommodate some of the unique inspections that may be required in a mountain area.
Who verifies repairs after home inspection in Florida? ›
After an inspection is completed, repairs are initiated by the seller, both big and small. Once the repairs are finished, then the verification process starts and generally, the buyer appoints the same home inspector for a re-evaluation of the repairs.
How many days do you have to back out of a real estate contract in Florida? ›
Know whether your purchase is subject to the cooling-off rule. In Florida, if you contract for services to be rendered in the future on a continuing basis, you are entitled to a three-day cooling-off period.
What does a house need to pass an inspection in Florida? ›
Structural Aspects of the House: It includes the foundation, roof, walls, and floor. A home inspector looks for minor or major cracks, leakages, or damages. The Essential Systems: These include heating and cooling (HVAC), plumbing, electrical, and other systems and appliances.
Does seller have to disclose previous inspection in Florida? ›
Florida law requires sellers to disclose any issues they know about that materially affect the value of a home or property. This requirement applies even if the buyer does not ask whether the seller knows about defects.
Who attends the home inspection in Florida? ›
It is the buyer agents job to attend the home inspection.
A real Buyers Agent has a FIDUCIARY DUTY to do whatever it takes to make sure that both themselves and the home buyers have a clear understanding of the condition of the property. You can't get the true picture from not being there or reading some report.
Can a buyer back out of a contract in Florida? ›
According to Florida law, a buyer or seller is able to terminate a residential real estate contract and walk away from the deal without penalty by seeking rescission. Rescinding a real estate contract means the contract is considered to have no force and effect from the beginning or that the contract is canceled.
Does the home inspection period include weekends in Florida? Yes. If the home inspection period is 10 days, that means 10 consecutive calendar days after the contract is signed by all parties. Weekends and holidays count in that number.
How long is a 4-point inspection good for in Florida? ›
How Long is a 4-Point Inspection Good for in Florida? 4-point inspection requirements in Florida state that the findings are valid for up to one year. Beyond that point, a follow-up 4-point inspection may be necessary. The reality is that a lot of wear and tear can occur over one year.
What is a 10 day contingency in real estate? ›
An inspection contingency allows the homeowner a specific number of days (typically 7 – 10), to respond with any objections to what's found in the inspection. This ensures the buyer is able to collect enough information to make an informed purchase decision.
What is the best day for a home inspection? ›
“Rainy days are actually a little bit better for home inspections for multiple reasons,” says Weckesser, explaining that they can uncover roof leaks, plus foundation and grade issues that may not be found otherwise. Season can make a difference, too.
What is the wording of home inspection contingency? ›
An inspection contingency clause states something like, “Buyer's obligation to purchase is contingent upon Buyer's inspection and approval of the condition of the property.” Another variation states that the Buyer may hire a home inspector to inspect the property and that the Seller must fix any issues found by the ...
How to count escrow days? ›
Simply put, if close of escrow is “30 days after acceptance,” acceptance is the specified occurrence and day 1 is the day after the contract was signed. Here is an example using a slice taken from a calendar and a common purchase contract task – the buyer delivering their earnest money deposit to escrow.
How are days counted in a real estate transaction? ›
According to the definition in the California Association of Realtor's Purchase Agreement, a day is simply defined as a calendar day. A day is from 12:00 AM through 11:59 PM. A business day is considered Monday through Friday, excluding legal holidays.
How long do you have to deposit earnest money in Florida? ›
Besides knowing how much earnest money is required in Florida, it's vital to know when it needs to be paid. In Florida, earnest money is normally due by default within three days of being under contract but can be more or less depending on the specific sale and contract.
Can you ask for repairs on AS is contract Florida? ›
Based on the inspection and appraisal results, the buyer may ask the seller to make repairs, reduce the purchase price, or agree to other concessions. If a home is being sold “as-is,” then the buyer must be willing to accept the home in its current condition.
