When preparing to put your home on the market, it’s safe to assume that you’ll be spending a good bit of time focusing on things such as market trends and curb appeal; however, an important, yet often overlooked point, has to do with a potential buyer’s lender.
Now, you may be wondering how a buyer’s mortgage broker has anything to do with you, especially when you’re simply fielding interested offers, but it’s extremely important to remember that mortgage companies pay attention to property appraisals. In other words, if there are condition problems which a lender won’t allow, closing on your deal may either be delayed or killed completely.
Therefore, when getting ready to list your home, you’ll want to fully understand what major items a lender may look at when assessing the condition of a property.
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1.) Roof: Lenders will take note of any leaks, major damage, or significant deterioration.
2.) Basement: Since foundation issues can create very expensive problems, there should be no signs of large cracks or evidence of movement in the walls.
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3.) Windows/Doors: They should be in proper working condition and free of molding defects.
4.) Walls: Pay attention to signs of water damage. Ideally, your walls should be completely finished and free of holes or cracks.
5.) Heating: While it doesn’t have to be new, your heating system needs to be in working condition.
6.) Water: Your pipes should not have any leaks and should flow through the house without issue.
7.) Repairs: Unless otherwise specified, any repairs or improvement ventures should be completed with fixtures already installed.
8.) Hazardous Conditions: Your property should be free of potentially dangerous and toxic items such as lead paint, methane gas, radioactive material, and radon gas.
In the end, it is always recommended that you hire a licensed home inspector. Your peace of mind is important, so you’ll want to make sure that there are no problems with the condition of your property before you find a buyer interested in negotiation.
