Pre-Inspected Listings, The Future of Real Estate
Updated: Jul 24, 2019
Home inspections have traditionally been for the benefit of the purchaser. Pre-inspected listings benefit all parties – buyer, seller, and Realtors.
What is a Pre-Inspected Listing?
A Pre-Inspected Listing is a process in which the current seller of the property contracts with a qualified licensed home inspector to perform an inspection of the property. The inspection is an unbiased, objective, limited visual inspection that assesses the overall condition of the home from roof to foundation. The inspection identifies components that are not performing as intended, and describes items that are near the end of their service life.
This is a great marketing tool which gives you a competitive advantage over other homes on the market. It provides for full disclosure and gives you an opportunity to make repairs or to adjust pricing to take into account what needs to be repaired prior to marketing the home. This will help to sell your home faster and at the highest possible price.
Before listing your home be sure to declutter, depersonalize, and organize. When each space is neat and organized not only does the home show well it sends a message to the perspective buyer that the home has been well maintained overall.
5 Ways a Pre-Inspected Listing helps with the real estate transaction?
Deals Won't Fall Through - Home inspections, performed as a condition of the offer, can kill deals. Sometimes this is because the purchaser gets cold feet; sometimes there's a big problem no one knew about. Sometimes it is because the house has been misrepresented; sometimes it is because the home inspector scared the purchasers by not explaining that minor and typical problems are just that - minor and typical. If the home inspection is performed prior to the house being listed, all parties will be aware of the physical condition of the house before an offer is drawn. There will be no surprises after the fact. Deals will not fall through.
Avoid Renegotiation - In a buyers' market, most houses have to be sold twice. It takes a lot of work to get a signed Agreement of Purchase and Sale. Then the home inspection is done and the buyer wants to renegotiate. If all parties know the condition of the house prior to the offer, there is no need for renegotiation. As most real estate agents know, renegotiation can be very difficult. Sellers have already mentally sold the house; purchasers are suffering buyers' remorse. Egos, pride and frustration can muddy the already emotional waters. A seller who pays for a home inspection will be further ahead than one who has to renegotiate. He or she may even sell the house faster.
Unrealistic Sellers - An inspection at the time of listing can also help a Realtor deal with a seller who has unrealistic expectations. The inspection report provides justification for explaining why you can't ask top dollar for a house which is not in top condition.
Repairs Prior To Sale - Sometimes, the home inspection will reveal items which should be repaired immediately. A pre-inspected listing allows the seller to repair the problem prior to putting the house on the market. If the inspection occurs after the Agreement of Purchase and Sale, the purchaser could walk, renegotiate or, depending on the inspection clause, the vendor may have the option to repair. A repair done by an unmotivated seller may not be the best repair and may not meet the purchasers' expectations. This has caused more than one deal not to close.
Peace Of Mind For the Purchaser - There is no doubt that part of the value of a home inspection is a guided tour of the house for the prospective purchaser. The inspection company can return to do a walk-through with the purchaser, if requested.
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