Cooling market puts new emphasis on home defects, malfunctions

Any turn of events in a home sale can cause a ripple effect of additional changes.

The buyers’ focus has shifted from figuring out how much money they can throw at the sellers to how many defects they can find to justify a price haircut.After the initial visit to the house with their agent, buyers can reconcile online photos and text descriptions of the house with what they can actually see in person. This may include the fact that the house backs to a busy shopping center, a school, or a busy street or freeway. Or that the house is at the top or the bottom of a steep hill.

When buyers can plead their case and sellers can be convinced of the current value of their home as opposed to the value just a few short months ago, things can proceed to the next few steps. These steps include the sellers’ disclosure to the buyer and the buyers’ home inspection. While these disclosures are always important, they undergo more intense scrutiny than when buyers are up against six or eight other offers waiting in line. The word “significant” starts to take on a different meaning. What may have been “insignificant” under market conditions may become incredibly “significant” now.

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