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Pre-Listing Inspections
Submitted by DeanMcGlasson on Wed, 05/26/2010 - 05:14.
Pre-Listing Inspections – A Definite Edge!
A few months ago I received a call from a gentleman who was preparing to put his home on the market. He said he had read several articles advising sellers to have their home inspected prior to listing and wanted to understand why he should pay for a pre-listing inspection when the buyer would hire his or her own inspector anyway? I do know of at least one possible reason why you may not want to have your home inspected prior to listing. Let’s start first with the reasons why it’s a good idea.
· A pre-listing inspection gives the seller a significant advantage over other sellers in a buyers market. According to Dian Hymer a real estate broker and author of “House Hunting,” having a presale inspection can cut down on negotiations that typically take place after the buyers do their own inspection, and can make the transaction go much smoother. Providing a detailed report upfront decreases the chances of the deal going south at the most crucial stage of the sale; during due diligence. “Deal killers” seem to come along at the worst time - after the offer has been accepted. Often, these issues have to do with an inspection finding and when a buyer’s inspector recommends follow-up evaluations, the time and cost involved can be substantial. These can cause a deal to go south in a hurry and can drag on for weeks, and sometimes even months. Of course all of this significantly increases the chances of the buyer getting cold feet.
· A pre-listing inspection gives a seller the opportunity to fix any major problems ahead of time, giving the home curb and contract appeal. This is especially important in today’s buyers market, where foreclosures, REO and short sale properties dominate listings. Most buyer’s preferences are narrowed down to four things; price, location, size/style/features and condition. Having a clear inspection report ready to give potential buyers helps insure the home is move-in ready.
· A pre-listing inspection gives the seller the added benefit of picking his or her own contractors to do any repair work. It’s a big advantage to have the time to shop contractors, ask questions and learn more about any issues with your home before you put it on the market. It also helps with setting a fair price for the home.
· Having an inspection report ready to hand a prospective buyer shows that you’ve maintained your home and you’ve done your homework. A lot of inspectors (my self included) will tell you that a good many sellers act very surprised when they learn there’s a problem with the house. Surprises are not good and particularly after you’ve received an offer. Trends in local Las Vegas real estate are showing many first time home buyers in the market. Most of these type buyers have very limited resources going in, so a bad air conditioner or roof problem can easily bring an end to negotiations.
As I mentioned at the beginning, there is at least one reason a pre-listing inspection may not be in your best interest; when a seller enters the market financially unprepared or unwilling to fix any discovered problems. The pros and cons to having a pre-listing inspection can differ vastly depending on who you ask. More common in today’s market are sellers offering a pre-set allowance for repairs found during the buyer’s inspection. There are, however, situations where a buyer’s mortgage company may require certain types of issues be fixed prior to funding the loan, so the seller may end up having to lower his price. Make sure you retain a solid agent who is experienced and knowledgeable and can provide you with the best advice on getting your home move-in ready.
Bottom line: Having a prelisting inspection can give you a tremendous advantage over similarly priced homes in your market, and can give you leverage when it comes time to negotiate an offer. It provides the seller with important information and a tool for pricing the home accurately before listing. It helps in making sure that any major issues are anticipated prior to listing. It is a valuable tool that can quickly propel your property above the competition and maybe even get you a better offer.
Tips for hiring a good inspector:
- Consider only state certified, insured, experienced and reputable inspectors who are known for being thorough. Narrow your list down to inspectors with a national or local professional affiliation.
- Conduct a brief interview with two or three of your top choices. If you’re buying an older home, a custom home or a home with extra features such as a pool or spa, ask the inspector what he knows and what his inspection covers. Consider asking for client referrals (not just real estate agents).
- When asking about fees, also ask what’s included; for example, are re-inspections included; how much extra for a pool/spa; do you inspect landscape irrigation systems and is it included in the price?
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