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The Importance Of The Pre-Listing Inspection Part II
February 19th, 2008 categories: Tampa Real Estate, Home Inspection Tips, Tips for Sellers
I’ve written before about the pitfalls of not having a home inspected before the marketing process begins. And this morning I get an e-mail from an area inspector with the subject:
Avoid Surprises With A Pre-Listing Inspection
And that’s great advice, trust me. Why? Because as a seller, in a buyer’s market, you don’t want needed repairs of which you were previously unaware chasing your buyer away or causing the need for further negotiations. A second round of negotiating could (and does) lead to a deal gone bad.
But many sellers don’t want to fix things until they have a buyer. That’s risky business. As a seller you’re much more likely to get a better offer, and lower the risk of a buyer walking, if you’ve made the needed repairs before listing the home for sale.
Tales of Two Deals
I’m representing a buyer right now in the purchase of a 60 year old home in which we knew, going into the deal, that there were issues. But the inspection turned up more issues that we would have liked. Now we negotiate further to see if the seller will make the repairs, many of which are needed before the buyer can obtain insurance. No insurance-no loan-no deal!
At the same time I have a seller client who took my advice on the pre-list inspection. The sellers took care of the needed minor repairs. We are entering into a contract as of today with a prospective buyer with whom we were able to communicate the condition of the home. We provided the seller’s disclosures and let the buyers know that the home had been professionally inspected and that repairs were made. The buyers will get their own inspections done of course, and we are confident that any deficiencies will be minor, if any.
The inspectors e-mail says it best:
“A pre-listing home inspection can uncover previously unknown problems - major and minor - allowing sellers the opportunity to make repairs or replacements as needed. By addressing these issues before the home goes on the market, you can list a home with confidence in its condition and will have a better chance of maximizing its value. Being aware of issues in advance will also allow for disclosure of problems when selling, which can result in cleaner offers and a smoother transaction for both parties.”
From Pillar To Post Home Inspections
Right he is!
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