The Value of a Pre-Listing Inspection!
We have all been there: you list your home for sale, you go under contract with a buyer, and you hold your breath and cross your fingers through...the inspection period. This is the timed portion of the contract where the buyer can declare the contract null and void for any reason.
I can’t tell you how many times I have represented buyers that have voided a contract during this period because of something that was found once they purchased a home inspection. And though I don’t blame them for doing so, if the sellers had been coached in the value of a pre-listing inspection, the issues that came up could have already been cleared and dealt with prior to the home being listed on the market.
The general consensus is that inspections are for buyers to purchase during their ‘inspection period’, but let me tell you why I think there is much to be said for the seller who takes this initiative upfront:
1. Peace of mind for the seller.
If you, as the seller, go ahead and spend the money for a home inspection up front, you can go ahead and address concerns found on the report, and then have those concerns fixed and addressed for the buyer of your home. It gives you the opportunity as a seller to go ahead and address issues that raise red flags for potential buyers, and you can enter the inspection period portion of a contract with a much lower chance of the buyer finding something that would cause them to want out.
2. Peace of mind for the buyer.
When a seller takes the initiative to have a pre-home inspection, it proves to the buyer that the seller is trustworthy, and in most cases they want to take the necessary steps to make sure their home is free of defect for its new owner. It makes a strong statement that buyers and their agents appreciate and respect. Even if there are repairs the seller does not opt to make, it keeps the seller ‘honest’ by showing that they want to make sure they disclose all things necessary to a potential buyer.
3. It saves the seller money.
I always educate my sellers on the value of making repairs to their home prior to putting them on the market. If they opt not to, they will suffer from (what I like to call) the ‘triple punch’. One, They will price their home giving a discount to the repair that needs to be made. Two, a buyer will further discount their discounted price when they make their offer. Three, a buyer will make a request for the repair to be made anyway during the inspection period, and if it is not done, they have the opportunity to negate the contract.
If the seller would find and fix the issue prior to listing the home, this will ultimately save the seller money and frustration.
4. It saves the buyer money.
Having a pre-listing inspection is not only peace of mind for the buyer, it can also save the buyer up front money in the home buying process. When a seller gives a potential buyer access to the inspection report to view, it gives the buyer the opportunity to decide if they want to purchase another home inspection. Although they certainly can, many (especially those buyers with limited up-front funds) will be comfortable using the seller-provided report, and may simply supplement that report with their own visual inspection or that of a trusted friend or family member. This is a wonderful incentive for homebuyers, especially if they are trying to choose between the home you are selling and a similar one that not only has more question marks, but will also require more up-front funds that they don’t want to spend.
As you can see, a pre-listing inspection is an investment from which everyone can benefit. For help listing your home or for recommendations on who can do a pre-listing inspection for you, contact me today!