Skip to main content

Pre-Listing Inspections



Imagine what happens when there is not a pre-listing inspection.  The buyer contracts for the home with a provision for professional home inspection.  When it is made, there could be things that the buyer didn't expect or even, anticipate.  If it doesn't trigger an action to terminate the contract, the buyer will inevitably, ask the seller to make all the repairs.

When presented with the buyer's request, the seller may take the opposite position of not wanting to do any of the repairs.  The buyer could accept the property in its "as is" condition or negotiate the repairs or a reduced price with the seller.

Any experienced agent can tell you that sometimes a mutually agreed negotiation is reached and other times, an impasse is met that cannot be resolved.  The contract is terminated, and the house has to go back on the market but this time, a disclosure has to be made to all parties looking at the home which may deter showings.

Taking a pro-active approach, by obtaining a pre-listing inspection, the seller can find out about things that will probably show up in a buyer's inspection.  They can get them repaired before the home is shown and it will help the buyer feel more confident with the home.  Another option would be to disclose them as not working and make a price adjustment, either way, the seller is in control and is taking a position of transparency with potential buyers.

In some cases, the pre-listing inspection may show things in working order that the buyer's inspection indicates as needing repair.  With two disinterested parties having opposing opinions, negotiations have a more likely chance for a mutual agreement.

Disclosing things that are not in working order can reduce liability in the future.  Some deficiencies with the home are not discovered prior to the closing and the surprise issues could lead to liability.  The pre-listing inspection by a professional combined with the seller disclosing it properly can reduce potential liability.

For the small investment in the pre-listing inspection, the benefits are well worth the expense.  You and potential buyers will have a better idea of the condition of your property and know what to expect.  You can present the property in a transparent way that will build confidence with the buyer.  You'll avoid unpleasant surprises as well as possible delays.  Pre-listing inspections can lead to faster sales and satisfaction for everyone involved.

For more information, download the Sellers Guide.

Comments

Post a Comment

Popular posts from this blog

Before You Leave Town...

Along with all the planning of what you're going to do and where you're going to stay, consider this checklist to make you feel more comfortable while you're away from home. Ask a trusted friend to pick up your mail, newspaper and keep yard picked up to avoid an appearance of not being at home. Stop your mail ( USPS Hold Mail Service ) and your newspaper. Don't post about your trip on Facebook and other social media until you return; some burglars look for this type of announcement to schedule their activities. Do notify police or neighborhood watch - especially if you're going to be gone for more than just a few days. Let your monitoring service know when you'll be gone and if someone will be checking on your home for you. Light timers make it look like someone is home. Set multiple timers for various times to better simulate someone at home. There are plug-in modules for lights and appliances that would allow you to control...
2 comments
Read more

Make Your Home Offer the Most Appealing

Sales in February 2023 were up 14.5% month over month and still down 22.6% year over year according to the NAR Housing Snapshot.   The median sales price dipped 0.2% to $363,000 and there are 2.6 months supply of homes on the market compared to 1.7 months a year ago. "Inventory levels are still at historic lows, and consequently, multiple offers are returning on a good number of properties." According to Lawrence Yun, Chief Economist for the National Association of REALTORS�. It is still important to have a strategy for potentially competing with other buyers on the house you want to buy.   The plan should include several available provisions and options, so that at the time of drafting the sales offer, you can consider exactly what to include based on the situation. Unless a person is paying cash, you need to be pre-approved by a trusted mortgage professional long before you start looking at homes.   Include the written pre-approval letter along ...
Post a Comment
Read more

Homeowners Need Resources

Managing an asset worth hundreds of thousands of dollars is a responsibility that requires attention to details such as timely payment of the mortgage, home repairs and maintenance, upkeep, and oversight on financial issues including taxes, insurance, and other things. Depending on how long you've been a homeowner, you may have faced some of the decisions common to homeownership.   Occasionally, there could be something new that you haven't had to deal with in the past.   This is where having a resource you can rely on becomes valuable. During the buying or selling process, it is natural to turn to your agent for information and advice but during those periods in between where do you go for counsel?   Sure, you can turn to the Internet but that may not be the best place to get advice for your situation. We encourage you to think of us as your "source of real estate information"; someone you're comfortable with asking a question and confident that ...
Post a Comment
Read more