Sellers often ask me, “What should I do if a buyer finds a defect in my home? Should I fix the defect, give the buyer a credit, or can I sell the home as-is?”
Well, the answer to that question is best determined by you and the buyer. When the buyer hires a professional inspector, that inspector must cite everything they see; if they do find a defect, that must be disclosed on their report to not only that buyer, but also to any other buyer you’re selling to.
In most instances as a seller, you’ll likely have to fix that defect because most buyers aren’t willing to assume that problem, unless you inform them upfront and they have the ability to fix it before they close. Cash buyers may be able to do it after closing, but most lenders will require the defect to be fixed before they actually close.
But what happens if sellers don’t have the funds to fix the problem before closing? We have contractors we can work with who will figure out where the repair would be done, and then the cost would be taken out of your closing proceeds.
Your other option, besides fixing the defect, would be to offer a credit to the buyer. That way, you could proceed with the sale and the buyer could make the repair after closing, assuming their lender will accept them taking that credit.
If you have questions about inspections and the defects that are likely to come up on the inspection reports, feel free to reach out to us anytime. We’d be happy to address any concerns you have.