When you plan on selling a property, it’s important to remember that most buyers will have to take out a mortgage to buy your property. When a mortgage company or bank looks to help finance a property for a buyer, an appraisal will be necessary to show condition of the property. If there are any condition problems that the lender doesn’t allow, this can delay the closing of your property or kill the deal.
Make sure you understand what major items a lender will look for in the condition of a property, when a buyer is taking out a mortgage. Here is a good list of items that you should review, if you plan on selling your property anytime soon.
Major Items to Check on Your Property
- Roof – Lenders are looking for leaks and major damage or major deterioration.
- Windows/Doors – Make sure they are not broken and are working properly.
- Basement – Make sure there are no signs of major cracks or movement in the walls. Foundation issues can really cause problems when it comes time to sell your property.
- Walls – Make sure the walls don’t have large holes, signs of water damage or unfinished.
- Repairs – Any repairs or improvement projects must be complete. You don’t necessarily have to have the trim installed, but all fixtures need to be installed.
- Heating – This must be in working condition. It doesn’t have to be new, but it must work.
- Water – This must be working and flow through the house, without any leaks.
- Hazardous Conditions – Make sure some items like, methane gas, lead paint, radon gas, radioactive material, landfill, toxic materials, etc. are not in or on the property. This can cause big concerns with the lender.
It’s always recommended that you have your home inspected by a licensed home inspector. This way, you will have peace of mind that there will be little to no problems with the condition of your property when the buyer uses a lender to buy it.