As a home seller, you not only want to ensure that your home is sold for top dollar, but you also want it so sell quickly because there is nothing worse than accepting an offer and waiting for weeks for the deal to close. Did you know that you, as the seller, can help your home to close in a timely manner? You can help by making sure your home is ready for financing.
The vast majority of shoppers are going to be financing the amount they need to purchase your home. If purchasers are going to be financing with a federally insured loan (such as FHA) there are several inspections your home has to pass to grant funds to the borrower. These inspections usually have to do with safety or soundness of the home to ensure the home will serve as proper collateral for a loan. If your home “fails” the inspection, it may take several weeks to fix the issue and have a re-inspection, thus delaying the whole buying process.
As a Certified Appraisal Service, Carter & Roque would like to point out some of the things that home sellers can preemptively check for and correct before any inspectors (or even buyers) come to the home. Here are just some of the common issues we see on a regular basis that need to be addressed.
- Missing Fire and Carbon Monoxide Detectors
- Chipped or Peeling Paint in Homes Built Prior to 1978
- Utilities are Not Turned On
- Leaking Roof
- Frayed or Exposed Electrical Wiring
- Non-GFI Outlets in Kitchens/Bathrooms
- Steps Without Handrails
Of course, FHA has many more check points on their inspection lists than what we have listed above, however these are small things that sellers can correct themselves prior to putting their home on the market. Not fixing these minor issues could cost you more than just time. It could mean an extra month or two you will have to pay the mortgage on your home while waiting on repairs.
If you have more questions about home buying and selling, call your Hometown Real Estate Professionals at Carter & Roque. 301-689-0100.