An element of the transaction that many sellers don't think much about is the city or village pre-sale inspection. This is different than the inspection that buyers hire to provide a report and ask questions regarding any deficiencies. Before certain municipalities will allow the sale of your property they will conduct a "pre sale" or "point of sale" inspection. The city will send one of their inspectors to your home and will create a report. It is then up to the seller to correct ALL of these items before transferring the property to a new owner and have the list of items re-inspected. Alternatively, the seller can request that the buyer assume all of the violations and agree to correct them within a specific time frame.
These inspections can often complicate real estate transactions. You've probably already negotiated a price, had the buyer's inspector over, negotiated any credits or repairs, then have to do this process all over again. It's really important to do these inspections early in the process so you can choose to fix these items or be up-front with any potential buyer about issues they'll need to fix. These pre-sale inspections always find something the city wants you to fix. Many reports where the house was expected to need minor work will still turn up 20-30 items that need to be fixed and some items will require permits. Even houses in great shape usually have a few items that need to be done because codes change. Direct Property Buyer has purchased homes in villages and cities all throughout Chicagoland. We'll take care of the necessary paperwork, fees, and will agree to fix all items after we buy your house. Leave the hassle of repairs and re-inspections to us. Contact us if you have questions about how your specific municipality works regarding transfer requirements.
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AuthorEric Strung and Direct Property Buyer Team Archives
January 2024
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*Members of Direct Property Buyer have real estate licenses held by Spartan Residential.
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