Screw You Mr. Home Inspector
If you have recently rehabbed a house, you already know what this article is about. If you haven’t, then you’re in for a big surprise.
Ever since the housing crash investors and newscasters alike have touted the difficulties of getting a home loan. These discussions would lead any listener to believe that the most fragile part of a home sale is the financing. This would be wrong.
The #1 killer of home sales (based on the experience of myself and my investor friends) is the home inspect. He sits on a throne like Henry the 8th and offhandedly declares, “Off with their head!” His voice can kill a perfectly good sale.
I’m writing this article with no small amount of harnessed anger. I found out this morning that for the second time in 2 months I have a deal that is dead because of a home inspection. Both instances are attributed to the same property. There were 2 different inspectors AND there were 2 different lists of repairs.
Right now you’re probably thinking, “Well Josh, if you’d have rehabbed the property correctly then you wouldn’t be in this situation.” To a certain extent, you’re right.
After the first sales attempt fell apart, I closely examined the inspection report provided by the potential buyer. There were some legitimate concerns to be addressed. These included (1) a slow draining tub in the 2nd floor bathroom; (2) a missing vent in the laundry room area; (3) a double tapped breaker in the electric box; and (4) evidence of past termite activity without proof that it had been treated.
All of these were addressed before the property went back on the market. Within days I had a full priced offer. I accepted. The scheduled the inspections. And then I get a new report.
This time around, the inspector listed a “wobbly deck” that required “additional bracing.” He mentioned wood accent trim around the garage door that was loose. He recommended relocating the electric box from the attached garage into the finished basement area. The report included a small handful of other items that even the buyer’s agent agreed were ridiculous.
Ridiculous or not, the home inspector spooked the buyer. The deal is dead.
If this article sounds like I’m angry, it’s because I am. But I’m also a big boy. My rehab went back on the market this morning, and hopefully I’ll have better luck with the next offer that comes in.
If you are rehabbing, be warned! Make sure the work looks good. Be sure there are no loose ends. And when it comes to the home inspector, be sure to tip your hat.
In the meantime, screw you Mr. Home Inspector. Screw you.