An inspection is a good idea for every buyer to have completed by a professional during the executory time of a contract. But what about the seller? Is it a good idea to do a pre-listing inspection? Below are some reasons why inspecting the home before listing a property is a good idea.
When a buyer has an inspection done, they have the power to decide afterwards if they want to continue with their agreement to buy the home or not. Demands for repairs can be made in an inspection objection and it is up to the seller to make the changes before the inspection resolution deadline. This signals a new waiting period and increases the time before closing. Buyers can also withdrawal their offer all together if the inspection does not meet the buyer's discretion and they can withdrawal if changes agreed upon are not made by the resolution deadline. Therefore, the seller saves themselves a headache by doing an inspection before listing.
A pre-inspection allows the sellers to know exactly what might be brought up by the buyers and they have the opportunity to either make changes beforehand or be armed with knowledge during negotiations. Generally, the seller will get a better deal working with their own contractor than relying on a buyer's contractor. By using your contractor, you will avoid having to accommodate the buyer's overestimated repair costs and ultimately save money. In the best-case scenario, the seller may even be able to waive the buyer's inspection completely by presenting the buyer with proof of a pre-inspection.
Fixing big issues up front will save the seller money and ensure that a sale will close. If there are major problems, it is likely that no one will want to buy the home and selling the home will take a much longer time. Making repairs so that you have the best "product" possible, will make the process go more quickly and much more smoothly. Plus, the home will show better from the beginning. Having repairs done makes the home more marketable and will hopefully bring in more inquiries and get more offers.
A pre-listing inspection also arms the seller with knowledge and makes them more honest and trustworthy. While it is not required that a seller know the condition of everything in their home when filling out the seller's disclosure form, the more information you have, the better it looks. Wouldn't you rather work with someone that can disclose as much as possible about the home than with someone that has no idea? It feels better working with someone that knows what they are talking about. So, get the pre-listing inspection done so that you are a trustworthy seller and have more leverage during negotiations.
What exactly should you inspect? At the minimum, you should inspect the roof. The condition of your roof could play a big role in how the home is priced. A roof that needs to be repaired or replaced could give the buyer bargaining room to get the listing price down. If you repair or replace the roof beforehand, the listing price could increase. Similarly, if you decide to not replace the roof even after inspection, you can reduce the price, making the buyer less likely to be able to maneuver the price lower. This one inspection alone can help you price your home correctly and help guarantee that you will get the price you are asking for.
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