The Boy Scout motto – Be Prepared – is a very applicable piece of advice to anyone selling their home. Most sellers prepare their homes for the market via a variety of ways such as painting, decluttering, increasing curb appeal, and staging. Yet a majority of sellers fail to perform what can arguably be the most important step in readying your home for the market – a pre listing home inspection by a qualified hone inspector.
Every house has it’s share of quirks and problems, many of which homeowners are aware of. But there are often hidden problems and issues that sellers are unaware of and that left unaddressed can lead to the derailment of a sale.
Knowledge is power and having the foresight to ascertain issues with your hone outside a tight transaction timetable is a wise move. In all likelihood the buyer will be conducting a home inspection of their own as part of their due diligence – why not do your due diligence prior putting your home on the market. Surprises during the course of a real estate transaction are rarely a welcome occurrence, so don’t be caught off guard by the a buyer’s inspection reply.
5 Benefits Of A Pre Listing Inspection
1. It can save you a money.
Once your home is under contract and you are negotiating repairs with a buyer you will no longer be able to perform any of the repairs yourself or have them done by a handyman. This is because in virtually all inspection replies it is specifically stated that all repairs are to be performed by a licensed and insured contractor with with receipts for work done provided.
Many issues on an inspection report are minor in nature and can easily be addressed by most homeowners at a cost that is significantly less than what a contractor would charge.
In many cases buyers will ask for a seller credit to address repair items. Buyers tend to significantly overestimate the costs of these repairs, and the seller is likely to shell out more money than they would have paid to have completed the repairs before listing the home.
2. You can perform repairs on your own timeline.
Once under contract you a a seller have a tight timeline to address the repairs requested on your buyer’s reply to inspection, as quickly as five days. Obtaining estimates from one or more contractors can be the source of much frustration as you struggle to match their availability to your contractual timeline. Buyer’s might even specify a contractor of their choice that they want to see do the work.
Making the repairs outside of an agreement of sale lets you choose who you want to do the repair work and allows you sufficient time to get multiple estimates for work that you determine needs to be done.
3. It minimizes transaction stress.
Not knowing if there is something wrong with your home adds a lot of stress to the sales process. Worrying that the sale will fall through because of something that turns up during an inspection adds a level of anxiety to that you can avoid.
By getting a pre listing inspection you can feel much more confident about the current condition of your home and not fear the arrival of your buyer’s inspection reply.
4. Makes for a smoother, more efficient transaction
When issues are discovered during a pre-listing inspection, the seller can either have them fixed ahead of putting the home on the market or choose to disclose the issues to potential do a buyers. Either choice will make the home sell faster because it will prevent the buyer and seller from becoming entangled in long negotiations after the buyer has an inspection.
By disclosing issues ahead of time the buyer is not likely to be surprised by the results of their home inspection and will be less likely to walk away or demand a lower price for the home.
5. It boosts buyer confidence in your home.
A pre listing inspection has been dubbed by some as the ultimate gesture in forthrightness on the part of the seller. By disclosing any issues in advance, the buyers can feel confident they are making a deal with a trustworthy person who is not trying to hide anything.
As a seller you can expect to pay in the range of $350 to $450 for the services of a licensed home inspector. Once you have the inspection report results you will also have to disclose any material defects that were uncovered in the inspection on your Seller’s Disclosure. Many homeowners include a copy of the inspection report as part of their disclosure package, or at the least make it available to an buyer who is expressing interest in the property. Items that have been repaired/replaced can be noted with that they have been resolved directly in the report.
Wallingford PA Real Estate – Wallingford, PA 19086