Editorial

Front Page - Friday, December 10, 2010

Real Estate Facts

Preventing inspection delays

Elwynn Schwartz

No matter how much you prepare, closings just seem to take longer these days, often up to sixty days from the date of the initial offer. A recent survey of Realtors reveals that ten to fourteen percent of pending sales don’t get to closing, while another twenty percent experience unplanned delays before being finalized.
Delays fall into three major categories: financing, title research, and inspections. Getting estimates and negotiating repairs can really hold up a transaction, but there are ways to speed up the process.
One option is for sellers to procure a pre-listing inspection and make repairs before the first potential buyer sets foot in the home. However, this can be a costly expense for sellers, especially when buyers will almost certainly hire their own inspector after making an offer, and there can often be great differences between two inspection reports.
A better alternative is for the listing agent to walk through the home with the sellers, noting the age and the condition of major components of the home and securing estimates for potential repairs. Sellers may not have to fix the problems, but having an idea of the cost of repairs will help them price the home fairly, as well as reduce the time necessary for buyers to negotiate the costs. This is an excellent preventative and proactive step towards a successful closing.
Elwynn Schwartz is the owner of Chattanooga Real Estate Consultants and may be reached at 423-894-3050.

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