Yes, you can sell a house without a home inspection. In most cases, the buyer will hire an inspector to inspect a property they are interested in before buying it.
However, there are some benefits to doing a home inspection as a home seller before listing it.
The main reason to conduct a pre listing inspection is to get a clear sense of the state of the house. It helps you to identify if there are areas that are damaged so you can assess whether to repair them yourself or sell the house as is. It can also guide you in setting a fair sale price.
Furthermore, in most states, you must disclose any issues with the house before selling it. Some issues may not be apparent and can only be discovered through an inspection.
If you do not disclose such issues and the home buyer discovers them later, they can opt out of the sale process, reverse the sale, or sue you for misrepresentation of the property or damages.
Besides, presenting potential buyers with an inspection report may be a vote of confidence and prove integrity in the sale process. It may also increase your pool of potential buyers.
Home inspectors cost between $200-$600, depending on the property’s size and the inspection’s scope. It may not be a huge cost, but if you are on a tight budget or facing a foreclosure, you may want to save as much as possible.
A typical home inspection assesses the interior and exterior of your house. For the exterior inspection, the inspector will check exterior walls, foundation, garage, grading, and roofing for any issues.
They will check the ceiling, plumbing, electrical, water heater, kitchen appliances, fire safety, bathroom, and air conditioning for the interior inspection.
However, they do not check the insulation, dry walls, chimneys, pipes, and sewer lines. Also, they do not check for engineering and architectural problems, asbestos, mite damage, mold, or contamination.
Although the listing process takes two to three hours to complete, hiring an inspector can take a few days to several weeks. You must do your due diligence to identify reputable and affordable home inspectors. There might be a back and forth as you vet them and conclude the hiring.
If you discover in the inspection report that the house has major issues that you choose to repair, the repair process will take time, further delaying the sale process.
Most buyers want to have the house inspected by their choice of a certified home inspector before committing to a sale. Mortgage buyers will definitely request an inspection as it is a requirement by the lender to be considered for financing.
Cash sales are the best way to sell the house as is without an inspection. It is a quick way to dispose of the house quickly, e.g., if you are relocating, are on a short sale, want to sell before getting a foreclosure notice, or the property is old or inherited.
The main downside with cash sales is that the sale price is much lower than the fair market value. However, the lower price may not be a cause of concern as a cash sale has fewer administrative costs such as open houses, marketing, realtor fees, etc.
In most cases, cash buyers are investors, and flippers do a walk-through inspection of the property to determine how much they are willing to pay for it. Depending on the extent of obvious damage, they may have a low perception of the house negotiating a much lower price.
Yes, you can sell a house if it does not pass inspection. Often, a house fails a home inspection if it has major issues or known defects.
The main reasons a house may fail inspection include structural issues or damage, electrical wiring problems, heating systems, mold and pest infestation, plumbing issues, cracks on walls, ceiling, and foundation, drainage, and failed septic, among others.
There are various ways to go about the failed inspection to sell the house. First, you can opt to repair the damages to increase the value of the house and attract mortgage buyers.
Once the repairs are done, conduct another inspection to ascertain that the house’s condition meets the local code requirements.
Alternatively, you can leave the damages as they are, disclose them to the buyer, and offer a discount on the sale price. To determine a fair amount to reduce the sale price, ask the inspector to estimate how much it would cost you to make repairs.
If a buyer makes an offer on the house and has an inspection contingency, they have the right to back out of the sale process without penalty. Continue to market the house to other prospective buyers.
To inspect or not? It comes down to whether you want to sell the house as is and if you have a budget for home inspectors. If you want to repair or renovate the house before listing, an inspection is vital in helping you determine what needs to be repaired or changed.
If you want to sell the house as-is, an inspection may not be necessary, but you will have to highlight any issues you know about the house in the sale agreement for the potential buyer.
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