This week, we’re diving back into the National Association of Realtors’ “179 Ways Agents Who Are Realtors Are Worth Every Penny of Their Compensation.” Specifically, I want to review the buyer’s right to make inspections, including but not limited to the home, wood infestation, septic and well water tests and inspections. From there, we’ll examine the remedies available to all parties to get to a successful closing.
When binding a purchase and sale agreement, the seller and buyer agree to the timeline for the inspection period, beginning with the buyer causing any inspections to be conducted. Upon such inspections, the buyer has options as defined in the contract to remedy any items of concern.
This process is pivotal for the buyer and seller. For sellers, understanding the process and efficiently navigating it can mean the difference between a smooth sale and potential hiccups down the road. It’s that big moment for a seller when the Realtor gets to show how dedicated they are to making things smooth and straightforward for both parties. So, what’s involved?
Coordinate with the seller for the buyer’s professional home inspection
This is when agents become the bridge that connects the buyer to their home inspection dreams. By teaming up with the buyer’s agent to get that inspection on the books quickly, you’re not just checking a box, you’re also showing you’re all about transparency and building trust.
Discuss the home inspector’s report with the buyer
It’s the buyer’s responsibility to review the details of the home inspection report and decide what matters to them. Not every item will be of concern to the buyer or part of the repair negotiations.
Despite a common misconception, the Realtor does not dictate what should be fixed. Rather, the Realtor is a resource to help the buyer understand the report and what the inspector flagged so the buyer can best determine which items to pursue with the seller.
Ensure seller’s compliance with inspection clause requirements
The Home Inspection Clause in the contract is a big deal. It lays out what’s expected from the homeowner and the buyer regarding the inspection’s nitty-gritty details. Keeping on the right side of this clause is crucial, and failure to do so could jeopardize the sale or lead to a legal matter.
Assist the seller with identifying contractors to perform any required repairs
The inspection report comes back and there are items that need repairing. This is when a Realtor’s expertise can step in and help find or recommend a professional to get the job done. Quick, quality fixes can ease the buyer’s mind and pave the way to a smooth closing.
Negotiate payment and oversee all required repairs on the seller’s behalf, if needed
In some cases, negotiations might arise regarding who will cover the costs of necessary repairs. Sellers need to be prepared to negotiate payment terms with the buyer. Additionally, consider offering to oversee the repairs on the seller’s behalf, ensuring that the work is completed to their satisfaction and in a timely manner.
Realtors guide the seller and buyer through the home inspection journey. And it’s all about keeping the conversation flowing and ensuring any items of concern to the buyer are addressed as part of the inspection negotiations with the seller.
A Realtor is like an orchestra conductor, ensuring each part of the inspection process hits the right note, smoothing out any bumps along the way, and steering the whole transaction toward a happy closing. That’s Who We R.
Founded in 1912, Greater Chattanooga Realtors is the voice for real estate in Greater Chattanooga. A regional organization with more than 2,700 members, Greater Chattanooga Realtors serves Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade and Walker counties in northwest Georgia. The association is one of approximately 1,100 local associations and boards of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors owns and operates a Multiple Listing Service that is one of approximately 600 MLSs in the country and services more than 3,000 users. Local association membership is comprised of Realtors servicing the Greater Chattanooga area and specializing in a variety of disciplines, including appraisal, commercial, industrial, land, multi-family, property management and residential. Working alongside Realtors are our affiliate members, who represent related industries in sympathy with the objectives of the association. Our affiliate members include mortgage lenders, home inspectors, title and closing services, pest inspection and control and insurance.