Updated May 7, 2021
When a buyer walks from a deal, it’s frustrating for everyone involved.
And while any seasoned Realtor knows that this situation can’t always be avoided, there are many instances in which it can.
Especially when the home inspection is to blame.
According to Zillow:
“…Among sellers who had a sale fall through, 15 percent were due to the buyer backing out after the inspection report.”
And it’s understandably why.
Nothing sends a potential buyer running like being blindsided by surprise defects. Some issues might just seem too risky – and expensive – to inherit.
While some inspections will be too much to overcome, Realtors can, with some proactivity, work to spare buyers, sellers, AND themselves unnecessary disappointment.
Here are three ways Realtors can prevent “inspection rejection” and keep deals alive and healthy:
1. Avoid the Situation Entirely
Listing agents have a golden opportunity to remove potential heartbreak from the equation before the FOR SALE sign goes on the lawn.
Instead of waiting until inspection day – where all parties are vulnerable to the surprises revealed in the inspection report – Realtors can get pre-listing repairs completed before they list. Pinpointing and repairing key issues before the house goes on the market eliminates the unpleasant surprises a home inspection will inevitably bring to light.
2. Set Expectations
Experienced Realtors have been through hundreds of inspections; buyers have not.
While no resale home will be perfect, buyers – especially those purchasing for the first time – may be shocked by even the most routine defects and, potentially, get cold feet.
A Realtor can calm potential anxiety by taking the time to walk buyers through the inspection process prior to the home inspection and, most importantly, set expectations.
This way, buyers are clear on which defects are critical and the ones that are just part and parcel of owning a resale home.
3. Give Confidence with a Plan
Once a home buyer sees that repairs are necessary, their minds jump to thoughts like, “Where do I begin? What is this going to cost? Who can I trust to get these repairs done right?”
Realtors can reassure buyers even further by communicating a bulletproof remediation plan for any repair that arises. This gives buyers peace of mind when the report comes back with defects requiring repair.
Prevent the Preventable
Yes, there are times when it makes sense for a buyer to run for the hills after a home inspection.
But, by setting expectations, having a remediation plan, and, if on the listing side, repairing critical defects before the home is listed, Realtors can prevent unnecessary “inspection rejection” – and enable everyone to move forward faster.