The answer is simple: to save you time, money, and aggravation. This is how most people sell their home:
The only problem with this scenario is, you gave the buyer the power. You ask what do I mean by that? There are one of two ways the
offer is going to be filled out when it comes to issues with the house.
Right-to-cure is wrote into the offer in regards to defects. Meaning if problems are found during a home inspection that you did not
disclose on the Real Estate Property Condition Report, the buyer is going to ask that you cure them or their walking away from the
deal. They have the power.
No-right-to-cure is wrote into the offer in regards to defects. Meaning if problems are found during a home inspection that you did
not disclose on the Real Estate Property Condition Report, the buyer is going to ask for money off the purchase price so they can cure
them themselves or their walking away from the deal. They have the power.
So you ask: how do I get the power? That's not as hard as you think. The key is to have a pre-sale inspection, and use the report to
either fill out the Real Estate Property Condition Report or attach a copy of the home inspection to the Condition Report. Here's the
difference.
In Wisconsin, it's all about discloser. So, if we disclose up-front any issues, technically they can not come back later and ask that you
make repairs or take money off the purchase price. Basically, they knew about the issues when they wrote an offer, and the price they
offered should account for the items listed on the Condition Report. And, those issues are now part of the offer. So the more you
disclose the better.
Pre-sale inspections can also work to your advantage in couple different ways. First, let's say you have a bad roof and it needs to be
replaced, or re-roofed. It is very likely that this will come up if try to sell your house. So, option 1 would be to repair the roof before
marketing the home and get the price you want. Option 2 would be to get a couple different bids on the roof. Pick out the middle priced
bid and reduce the sale price of the home accordingly. It still attracts buyers because of the lower price of the home, and it discloses
that the roof needs work. Either way, you have the power.
Now, do want the buyer to decide what to do or how much money the roof is worth. If I was the buyer, I would find the most expensive
roofer in town to bid that roof, and ask for that money off the purchase price, if I gave no-right-to-cure. If I gave right-to-cure, more than
likely, money will have to be put in escrow to cover the cost of the roof after closing.
So, inspect, then disclose, disclose, disclose, disclose!
DISCLOSURE: This material is for informational purposes only. Even though, Al Weiland is a licensed Real Estate Broker, he is not provide any realty services to anyone. It is recommended that you contact a
Real Estate Agent for professional services/information.
- You perform some basic repairs and/or painting to the house.
- You fill out the Real Estate Property Condition Report.
- You advertise or list the home with a Realtor and wait for the offers to roll in.
The only problem with this scenario is, you gave the buyer the power. You ask what do I mean by that? There are one of two ways the
offer is going to be filled out when it comes to issues with the house.
Right-to-cure is wrote into the offer in regards to defects. Meaning if problems are found during a home inspection that you did not
disclose on the Real Estate Property Condition Report, the buyer is going to ask that you cure them or their walking away from the
deal. They have the power.
No-right-to-cure is wrote into the offer in regards to defects. Meaning if problems are found during a home inspection that you did
not disclose on the Real Estate Property Condition Report, the buyer is going to ask for money off the purchase price so they can cure
them themselves or their walking away from the deal. They have the power.
So you ask: how do I get the power? That's not as hard as you think. The key is to have a pre-sale inspection, and use the report to
either fill out the Real Estate Property Condition Report or attach a copy of the home inspection to the Condition Report. Here's the
difference.
In Wisconsin, it's all about discloser. So, if we disclose up-front any issues, technically they can not come back later and ask that you
make repairs or take money off the purchase price. Basically, they knew about the issues when they wrote an offer, and the price they
offered should account for the items listed on the Condition Report. And, those issues are now part of the offer. So the more you
disclose the better.
Pre-sale inspections can also work to your advantage in couple different ways. First, let's say you have a bad roof and it needs to be
replaced, or re-roofed. It is very likely that this will come up if try to sell your house. So, option 1 would be to repair the roof before
marketing the home and get the price you want. Option 2 would be to get a couple different bids on the roof. Pick out the middle priced
bid and reduce the sale price of the home accordingly. It still attracts buyers because of the lower price of the home, and it discloses
that the roof needs work. Either way, you have the power.
Now, do want the buyer to decide what to do or how much money the roof is worth. If I was the buyer, I would find the most expensive
roofer in town to bid that roof, and ask for that money off the purchase price, if I gave no-right-to-cure. If I gave right-to-cure, more than
likely, money will have to be put in escrow to cover the cost of the roof after closing.
So, inspect, then disclose, disclose, disclose, disclose!
DISCLOSURE: This material is for informational purposes only. Even though, Al Weiland is a licensed Real Estate Broker, he is not provide any realty services to anyone. It is recommended that you contact a
Real Estate Agent for professional services/information.
| i Why should you have a pre-sale inspection? |
- Wisconsin State Certified Inspector #1037
- *Wisconsin State Certified Rental Weatherization Inspector #890095
- *Wisconsin State Certified Uniform Dwelling Code Construction Inspector #874146
- *Wisconsin Licensed Real Estate Broker #40981
| Wall to Wall Home Inspection Services, LLC 414-333-6325 walltowall@wi.rr.com |
| Some Say "Buyer Beware", I Say be an "Aware Buyer"! |
State & Nationally Certified Home inspector
State Certified Rental Weatherization Inspector
Uniform Dwelling Code Construction Inspector
State Certified Rental Weatherization Inspector
Uniform Dwelling Code Construction Inspector
| Al Weiland, CRI 414-333-6325 walltowall@wi.rr.com |