As you probably know, we are still in a very strong seller's market. Sellers are getting good prices, but still, we have to sell a house three times. What do I mean by that?
First of all, the big challenge is getting a buyer and seller to agree on a price. Once that happens, everyone's happy, but that's just the start. We've only sold the home once.
After a price is agreed upon, we have to get a home inspection. Even the best houses are not perfect, and an inspector will find issues with the home. The buyer will have expectations on the condition of the property, and if those expectations are not met, they will expect the seller to take care of any issues. Meanwhile, the seller thinks the buyer should just take the home as is, and any potential problems aren't the seller's problem anymore. We have to negotiate again, or sell the home as second time.
Once the buyer and seller have reached an agreement about the inspection results, the bank issuing the loan usually requires an appraisal. An appraisal can affect your home sale if it comes in low, causing the buyer to worry that they are overpaying for the home. You may have to renegotiate that sales price again. In the last five years, the appraisal process has gotten much more complicated, but it is our job to shepherd you through that process and make sure you close on escrow.
As you can see, inspections and appraisals can make or break a transaction. If you have any questions, please do not hesitate to give me a call or send me an email. I would be happy to help you!