Sellers ask me about home inspections all the time. It's usually a big concern to most sellers. What will they find? What will I have to repair? What will it cost me?

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There're a lot of misconceptions about home inspections and repairs. Hopefully the info on this page will help clear them up.

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How much you have to repair depends on the contract you're using and the market you're in.

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In the Tampa Bay, Florida market there are 2 main contracts that are used - the standard and the AS IS both approved for use by Florida Realtors and the Florida Bar.

 

The As Is contract is by far the most widely used contract. It is designed to be used for "as is" properties only, but in this market place it has become the contract everyone uses for everything. Because of this, most buyers will still try to negotiate repairs with this contract.

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The standard contract has limits and provisions for repairs built right into it. Unfortunately, very few buyer's agents will submit offers on this contract. As a seller you could counter an AS IS offer with the standard contract (or request offers only be written on standard contracts) to limit your repair expenses from the start.

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If you get under contract on the AS IS version, you are not obligated to do any repairs. The buyer then has the option to cancel the contract during the inspection period, and your home would then go back on the market. To prevent losing a deal, most sellers will agree to some repairs if requested. It is completely up to you, as the seller, how much you are willing to do.

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If potential repairs are a big concern for you, you can always get an inspection done yourself and repair whatever you think is reasonable prior to listing your home for sale. That doesn't mean the buyer can't or won't ask for more repairs, but it will eliminate most surprises and delays once you are under contract.