It’s What’s Under The Hood That Matters

Recently a past client of mine made an offer on a home that was completely updated.  We knew this from what was stated in the RMLS™ listing and from looking at the house. This home had all the bells and whistles and shined with the latest decorating trends. I was a bit leery about the home’s condition because it was a “flip” and knew, as they say, ‘it’s what’s under the hood” that mattered a lot more than what we were able to see with our own eyes.https://lakeoswegorealestateblog.wordpress.com/

As I always do, regardless if the home is brand new, or looks like the home is in good condition, I recommend a full home inspection along with other inspections such as a tank scan, sewer scope, roof inspection, etc., etc.

Prepare for Home Inspection Surprises

My client proceeded to have all the necessary  home inspections and I have to say, even I was surprised with all the defects that were presented to us as a result of the inspection reports.

Oil Tanks, Sewer Blockages, Even a “Live” Animal Oy’vey

While home buyers are sometimes strapped, don’t have extra cash and are reluctant to spend money on a home they may or may not be buying, the cost of home inspections are minimal compared to keeping from making a huge financial mistake. It is the best insurance a buyer can have that the home being purchased is indeed in good condition.

During this particular transaction and as a result of the home inspections, the buyer was information of roofing issues, structural issues, electrical and plumbing repairs/improvements not up to code, siding and foundation sill rot, beams not anchored, lack of heat from vents, large foundation cracks, ceilings buckling, water pooling, to mention only a “few” of the issues.  On top of the updated “flip” deficiencies, there was an oil tank, a sewer blockage that extended the entire length of the front yard and to top it off a wild animal living and nesting in the crawl space.

Don’t Get Fooled By Shiny Objects

At first sight the house was perfect. It was exactly what my buyer was looking for in the location where he wanted. Looking at the house you would never have known there were so many problems.

During the height of our most recent “hot” housing market, buyers in many cases, especially in multiple offer situations, waived their right to have any kind of home inspection(s). I cringed when I heard that buyers were doing that, while I never recommended my clients go that route just to “win” a home.

Walking Away Vs. Negotiating Repairs

Problems with a home can derail a transaction causing buyers to “walk away”.  In this case my buyer did not continue with the purchase as the repairs were just too daunting. They did purchase another home that was “perfect” in the same area.

Buyers need to, however, understand the differences between health and safety issues, versus normal wear and tear. There are many options open to buyers when repairs are an issue. Many times sellers are willing to negotiate repairs as well. Buyers should be prepared for surprises and make a plan, with their Real Estate Broker’s help,  for those unpredictable repairs.

Inventory is tight in our Lake Oswego and Portland metro real estate market and a faulty home inspection doesn’t always have to result in not purchasing the home of your dreams. Sometimes it just takes talking through the inspection issues if the home meets all the other requirements you are looking for.

But, in any and all cases, please have those home inspections.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

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