Thinking about selling your home? When you list your home and then in escrow with a Buyer, they will most likely do inspections and when surprises arise, it can be devastating as the Seller. I was in escrow representing Buyers in Bel Air and we discovered a plethora of issues with the house, allowing us to negotiate a large credit, totaling a $47,000 price reduction off the initial highest and best offer. But the Seller could have prevented much of this, and all at no financial costs. Here are three tips to help out:
1. Look at your electrical panel: All you have to do is lift up the panel, and there is usually a long bar on the top. The number on the bar is the size of the electrical panel for the house, measured in amperages (amps). Look online to see if the amount of amps in that panel is sufficient for the house. In older homes, the amps usually do not suffice since in today’s world we have more power usage items such as big screens and computers. On top of that, if the panel is insufficient, then there is a chance that the wiring throughout the house may be in the same position. If you discover this, keep note of that and talk to your Realtor® when you are ready to sell.
2. Check the visible piping: Look online to see the difference between galvanized and copper piping. If your home was built before the late 70s and no repairs were completed since, then there is a high probability that something is up. In the meantime, look behind toilets, under sinks, and by the water heater to see what kind of piping is visible. Now although you cannot determine the entire house, you can still make a note of it.
3. Check out your tree in the front compared to others in the neighborhood: If you notice that the tree in the front lawn of your home is tall and healthy, whereas the other trees in the neighborhood look like they are facing Death’s door, then you may have a problem. It could be because the roots of the tree broke through your sewer line that goes from the house to the street and has been feeding off of what has been passing through.
Just by checking these three things out, you could have potentially saved yourself over $30,000 in the form of a price reductions, credits, or repairs. But most importantly, grief. Once you make note of these, speak with your Realtor to discuss the best strategy, whether it be hiring inspectors to verify and then disclose to potential buyers, or hiring someone to do the repairs.