Top 7 Benefits of a Pre-Listing Home Inspection
When selling a home, almost every buyer will pay for a home inspection. The home inspection allows the buyer to uncover any hidden problems with the home. What most sellers don’t realize is that they can do a pre-listing home inspection as well. Although it’s not required, there are some major benefits to doing so. Here are 7 benefits of performing a pre-listing home inspection.
It helps the seller to understand the condition fo their home. Sometimes sellers have lived in their home for several years, and some problems may arise unnoticed. The pre-listing home inspection allows the seller to fully understand the condition of their home, so there aren’t any surprises down the road, which can derail a successful transaction.
It allows the seller to make repairs before listing the home. Knowing in advance what repairs need to be done allows the seller to make those repairs making it easier to sell the home. Even if the seller elects to not make the repairs, it gives the seller leverage in the negotiation process, since they’ll be prepared with all the facts.
It helps the seller and the agent price the home more accurately. An accurately priced home will often sell faster and for more money than a home priced too high. When the home is priced accurately it brings more buyers to the table, possibly resulting in a bidding war, and culminating in a higher selling price. If the pre-listing home inspection reveals issues with the home such as leaky pipes or leaky roof, the price can be adjusted accordingly to factor in those repairs. Letting the buyers know that the cost of repairs have already been factored into the listing price, the buyers will be less likely to negotiate a lower price. On the other hand, if those items are repaired or if you have a clean home inspection, the asking price can be increased.
It can save time. When a seller shares the results of the pre-listing home inspection, it can accelerate the home buying process. Buyers may waive their home inspection contingency allowing the home sale to close faster. Even if the buyer elects to have their own home inspection, less time will be spent negotiating repairs.
Improves buyer confidence. Buying a home is a major financial investment. When a buyer knows about the condition of a home upfront, it will give the buyer more confidence to move forward.
It ensures a smoother transaction. When a seller shares the pre-listing home inspection report with the buyer, it can prevent last minute negotiations after the buyer has his own home inspection. Since the issues have been disclosed ahead of time, it’s less likely that the buyer will walk away or ask for a lower price for the home.
It helps to market the home. When the seller has a clean home inspection, those details can be used in marketing the home. For instance, if the home has a new roof or new air conditioner, that can be stated in the MLS description making it a more desirable home for buyers.
A pre-listing home inspection can cost a few hundred dollars, but can save or make the seller thousands of dollars. It will also make for a less stressful and more time efficient transaction.
(About the Author: Lou Serrano is a Southern CA REALTOR® based in San Dimas, CA. Specializing in residential real estate, he helps individuals and families realize their home ownership dreams.)
