Having a property inspected before it is listed provides the seller with the knowledge of issues in advance so that many of these issues may be addressed before a purchase contract is received. Having this knowledge also provides the seller with better information regarding how to accurately describe the property and its condition. Real estate agents generally agree that the fewer surprises there are after a purchase contract is received, the smoother the closing will be. A Seller’s Pre-Marketing Inspection is becoming more popular as buyers are becoming more skeptical of issues found during the Buyer’s Inspection and exercising their option rights to terminate the contract. If you are like most home sellers, you have probably lived in your home for more than five years. It is in these last five years some major changes have occurred in the sale process of a home:
1. Seller’s Disclosure
The biggest change is the requirement of providing a Seller’s Disclosure, in which you, the home owner, must list all known defects in the home.
2. Home Inspectors
The prospective buyer hires a home inspector who arrives at your property after a contract is negotiated to inspect and list any defects, questionable areas, upgrade suggestions, and maintenance. If the home inspector finds significant problems, the buyer may:
-terminate the contract
-or ask for inflated amounts to have the problem fixed and make sure everything is covered
-or be so alarmed by the defect found, will terminate the contract without giving you the chance to fix it.
A Seller’s Pre-Marketing Inspection will virtually eliminate all the hassles and withdrawn contracts caused by a Buyer’s Inspection.
The trend is changing. More home sellers are proactively hiring a home inspector at the time of their listing in order to determine the condition of their home, make repairs, and use as a sales tool. It gives the leverage back to the seller.
1. No more renegotiations after the home inspection.
2. No more alarmed buyers when the home inspector finds a problem.
3. No longer does the seller have to deal with inflated repair estimates that cost him or her money.
4. No longer will the real estate agent spend countless hours and dollars in energy and advertising to get a contract that is suddenly withdrawn due to hidden or unknown defects.
5. Above all, a Seller’s Pre-Market Inspection is the ultimate gesture of full disclosure and will help protect the seller.
Knowing your home’s defects at the initial listing has tremendous benefits:
1. It allows the agent and the seller to discuss which items should be fixed and which should not.
2. It substantiates your price, or might convince the seller to rethink the asking price.
3. It serves as full disclosure protection for the seller and the agent.
4. It allows the seller to shop around for the best price for repairs, instead of accepting an inflated price that a buyer would use to make sure all is covered.
5. It streamlines the entire selling process.
The Seller’s Pre-Marketing Inspection report enables the real estate agent to create a hot link at their web site listing that will take the prospective buyer straight to the home inspection report with no diversions. The report is written in HTML and can be viewed over the Internet instantly.
How easy is selling a house with a Seller’s Inspection?
A Seller’s Pre-Marketing Inspection is the best way to eliminate surprises when selling a home…before any contracts are written. If significant damage or defects are found, the Seller might be disappointed, but at least he or she is not under the pressure of a contract. The agent will discuss the problems with the Seller and determine if the listing should be “AS IS” with full disclosure, or if any problems should be corrected to expedite the sale. The Seller then repairs any problem areas and calls for a re-inspection of the home. The home inspector returns, updates the report, and uploads the revised report, which is linked to the home listing. Then, when a Buyer enters a contract agreement with the Seller, the Buyer can choose to trust the Seller’s home inspection or will hire his own inspector for a second opinion. Either way, any surprises are virtually eliminated and the odds of closing the sale are greatly increased.