Going From a Royal Carriage Back to a Pumpkin
[Note to Readers: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced. If you need legal advice, please consult an attorney.]
Any Realtor who’s represented a Seller in multiple offers knows the risk: 7-10 days after the initial feeding frenzy subsides, the winning Buyer’s inspection (assuming they didn’t waive it) turns up a major issue — or several — and the deal is suddenly off.
Unfortunately, at that point, the runner-up Buyers have often moved on, or, at the very least, are suddenly dubious about the home’s condition (and perhaps the credibility of the Seller and/or listing agent).
How do Sellers avoid having their shiny, multiple offer “carriage” suddenly turn back into a pumpkin?
Have their home pre-inspected before going on the market.
Quiet Before the Storm
If the pre-inspection uncovers any significant issues, the Seller can address them well before the frenzy of multiple offers, then carefully document that in their Seller Disclosure.
Alternatively, if the Seller is either unable or unwilling to make the indicated repairs, they have the option of disclosing that — and pricing accordingly.
Of course, if the inspection is uneventful . . . the Seller can proceed to put their home on the market, confident that the Buyer’s inspection won’t ultimately derail any deal they and the Seller agree to.