Let’s face it. Selling a home can be stressful. For sellers to keep their sanity during a strong buyers market, a pre-inspection of the home should be a prerequisite prior to listing. Every seller thinks they have the best house on the best lot in the best neighborhood, but they may not know what secrets lurk in their walls. A certified home inspector can do a thorough inspection of all major systems, building materials and structural stability of the home. In this article we will discuss The Importance of the Pre-inspection on a Home.
In a Buyer’s Market, there are more houses per buyer for sale. With so much inventory, this can give the buyer an unfair advantage over the seller once negotiations begin. If they don’t get what they want, they move on to the next house on the list.
During this time, seller’s can expect to see “lowball” offers. Every buyer wants the deal of a lifetime. Through the process of negotiating, this lowball offer could result in a closing. What happens in between is the second, sometimes hardest negotiations: the inspection negotiations.
Once a contract is binding, the buyers will have an inspection done on the home. They will go through the inspection report and ask the sellers for certain concerns be fixed. There is no limit to what they can ask for.
At this point, the seller probably feels they have ‘given their house away’ for thousands below what they feel it should have sold for. While the seller is down, the buyer hits them again with a laundry list of repairs to be done. The emotional seller puts their foot down and ceases negotiating any repairs. The buyer walks. Now, the seller has no buyer and is not selling his/her house.
Some sellers have become so desperate to sell their house that they drastically reduce their price. This depletes the seller’s negotiation power and may leave them in a very bad position leading into the inspection negotiations. The seller, tapped out and a few thousand in the hole, becomes extremely uptight and frustrated and refuses to address any repairs. Again, what was an amicable business transaction results in the buyer walking.
Having a pre-inspection done can give the seller a competitive edge in a Buyer’s Market. The seller could have most of the repairs taken care of prior to selling or not be surprised by the items found in any subsequent inspections. Spending a little money now and being an empowered seller later can help reduce the stress of selling a home. It’s simple. Be smarter than the market and invest in a pre-inspection.
We hope that you liked reading about The Importance of the Pre-inspection on a Home.