Eventually your buyers are going to conduct an inspection. You may as well know what they are going to find by getting there first. Having an inspection performed ahead of time helps in many other ways:
- It allows you to see your home through the eyes of a critical third-party.
- It helps you to price your home realistically.
- It permits you to make repairs ahead of time so that …
- Defects won’t become negotiating stumbling blocks later.
- There is no delay in obtaining the Use and Occupancy permit.
- You have the time to get reasonably priced contractors or make the repairs yourself, if qualified.
- It may encourage the buyer to waive the inspection contingency.
- It may alert you of items of immediate personal concern, such as radon gas or active termite infestation.
- It may relieve prospect’s concerns and suspicions.
- It reduces your liability by adding professional supporting documentation to your disclosure statement.
- It may alert you to immediate safety issues before agents and visitors tour your home.
Copies of the inspection report along with receipts for any repairs should be made available to potential buyers.
Home inspections have traditionally been for the benefit of the purchaser. Pre-inspected listings benefit all parties – purchasers, vendors and Realtors.
Deals Won’t Fall Through
Home inspections, performed as a condition of the offer, can kill deals. Sometimes this is because the purchaser gets cold feet; sometimes there’s a big problem no one knew about. Sometimes it is because the house has been mis-represented; sometimes it is because the home inspector scared the purchasers by not explaining that minor and typical problems are just that – minor and typical.
If the home inspection is performed prior to the house being listed, all parties will be aware of the physical condition of the house before an offer is drawn. There will be no surprises after the fact. Deals will not fall through.
Pre-inspected Listings Avoid Renegotiation
In a buyers’ market, most houses have to be sold twice. It takes a lot of work to get a signed Agreement of Purchase and Sale. Then the home inspection is done and the purchaser wants to renegotiate.
If all parties know the condition of the house prior to the offer, there is no need for renegotiation. As most real estate agents know, renegotiation is very difficult. Vendors have already mentally sold the house; purchasers are suffering buyers’ remorse. Egos, pride and frustration can muddy the already emotional waters.
A vendor who pays for a home inspection will be further ahead than one who has to renegotiate. He of she may even sell the house faster.