In our area it is customary for the seller to take care of certain things prior to the property hitting the market. These things include the property inspection and the pest inspection. If either of these inspections bring up any major issues the seller will generally take care of them . Sometimes the inspections suggest additional inspections by other professionals are needed. Having those inspections done is a good idea even if you don’t choose to make the repairs. These additional inspections might include a roof inspection, chimney inspection, or foundation inspection which is common in parts of Foster City.
You need to budget for those costs and what they cost depends on the size of your home. Generally figure between $300 and $2000 for the property inspection and $150 to $600 for the pest inspection. If you can pay at the time of service, you’ll receive a discount but you can pay through your escrow at the closing of the sale of your home.
If you live in a condo you won’t need a pest inspection as your Home Owner’s Association is responsible for pests. If you live in a townhouse, it will depend on whether you live in a townhouse-style condominium or a PUD (Planned Unit Development) when you own the land under your unit.
Today’s buyers expect a house to be in almost perfect condition.
If it is in picture perfect condition buyers are willing to pay top dollar for it. If it isn’t, be prepared to negotiate with a buyer who’s going to offer much lower than you hoped to see. If you don’t want to make any repairs to the home you can have an As-Is listing which is very common in trust sales. If you have done your inspections and the found all known issues it’s a little easier to get away with an As-Is listing today. Do then expect to price lower than the market. If you wonder why, reread the first sentence of this paragraph.
You must disclose everything about your home.
One of the biggest reasons we recommend to a seller to have all inspections done before we list the home on the MLS is to help you fill out all of the required paperwork you have. There are forms that have multiple pages of check boxes asking questions about your home, your neighborhood, and anything else you might know. You must answer everything completely. One can never over disclose about their property. The law is clear about that so don’t withhold information about your neighbor’s murder, or loud dog, or noisy buses. If someone died in your home within the past 3 years you must disclose this.
The Disclosure Package that your Agent gives you is for your benefit as well as your buyer’s. A buyer can come after a seller who has willfully not disclosed information about their home once it’s discovered. There is no statue of limitations here. Be honest. Take you time. Be complete.
If you’re beginning to worry about all of these costs remember one thing, there’s an ROI in taking care of everything before your home hits the MLS. You will get a higher price which should cover your expenses. Friday I’ll talk about what other expenses you need to be prepared for when you list your home.
Here’s what’s for sale in Foster City.
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