Inspectors killed my deal -- 3 times, Any advice?
Hi friends,
I rehabbed/renovated a single family home in Baltimore County. It was supposed to be my first fix and flip after getting 4 buy and holds finished. But I'm frustrated and just put it on the market for rent. I was unprepared for the havoc inspectors can cause. Here's what happened.
I got a contract in March and the buyer hired an inspector who noted that "what looks like, could possibly be, not sure, but it might be asbestos insulation in the crawl space." I offered to have all the suspect insulation removed and proceeded to do so but the buyer backed out anyway, spooked by the word "asbestos" which isn't even a health threat unless it's disturbed and it was in the crawl space, not a livable area of the home.
Next contract, the inspector brought the code book and proceeded to list numerous nit-picky issues that were totally different (apparently missed?) from the first inspector's list. Said there might be mold in the crawl space. Again, I proceeded to move forward with mold remediation only to have that buyer back out because "mold is scary."
Finally, another offer and another nit-picky list of non consequential stuff to fix (including a small tear in a window screen and a front step that had settled and was now 1/4 inch lower and out of compliance)! This inspector noted that the chimney might be a problem down the road. Boom, buyer backed out even though their lender inspector found no issues.
So how do you all deal with inspectors????
Looking forward to insights. I plan on renting it for at least a year and then perhaps trying to sell. I can't afford to sit on it any longer not knowing what idiot inspector might walk through the door next and ding me for God knows what! Perhaps if it's not "newly rehabbed", the buyer won't be expecting me to build a new house!