The Best Time To Inspect Your Home!
|
Home inspections conducted prior to a home being placed on the market is one of the wisest moves a seller can make. The initial response from sellers when approached with the idea of an inspection done as the home is about to be put up for sale is most always the same - "What?!"
Let's review a few of the most common concerns about Pre-Listing Home Inspections.
1. "The buyer will not accept an inspection done for the seller."
That is correct! The inspection done for the seller is not intended to replace the inspection done for the buyer. The purpose of the pre-listing inspection is to put the seller in control!
Given that no good surprise can come to the seller during the home inspection, regardless of when it is done or whom it is done for, it makes perfect sense to get every strand of information as soon as it can be gotten. Bad news doesn't get better with time.
If there is some bad news, or more correctly, some items that needs attention or might have an impact on the home's value, who better to receive that information than the seller? And when is a better time to receive that information than before the home is placed on the market?
The simple fact is this - a home inspection at the time of listing will put the seller in the best possible position. With the complete and clear view of the home's strengths and weaknesses, the home can be marketed to the best benefit of the seller.
2. "I don't want to pay for the inspection."
This is certainly understandable. The seller generally perceives that the inspection is intended for the buyer, hence, should be a buyer's responsibility. But to have the benefit of the information it must be paid for. Never have we had a complaint from a seller about the value of the inspection! In every case at the conclusion of a pre-listing inspection, the seller felt they had made a good choice in spending the money to get the inspection done.
In most cases, the seller's feel good getting the peace of mind of knowing that no major event or expense will be uncovered by the buyer's inspector. And on the rare occasion when it is discovered by the pre-listing inspector that the roof is completely shot or there is some other big expense or danger, the sellers, while not happy to have the problem, are glad to have discovered it on their own terms. The small expense of the inspection is always less then the cost and aggravation of a hurried hunt to get something repaired or replaced after the home is under contract.
Save the pain, spend the money. Get every home inspected prior to putting it on the market!
3. "The home is selling 'as is'."
This may be the best reason of all to inspect at listing! If the home is being sold "as is", reduce your risk and liability as the seller by getting a pre-listing inspection. In order for the home to sell quickly and at the highest price, disclose every condition of the home. The inspection gives both the buyer and the seller the comfort of knowing that the home "is as it is". With a pre-listing inspection, there is a high likelihood that the home is as represented.
Even in an "as is" contract, the buyer may still have their own inspection performed. If these two inspections are similar in content, it is rare the buyer will walk or counter offer. That, in fact, is the goal of the "as is" sale.
Another concern of sellers is that they will have to repair every item that is discovered to be discrepant on the inspection report. This is simply not true. It would be true that every discrepant item needs to be disclosed, and those disclosures may impact value and hence asking price, but nothing need necessarily be corrected.
Amazing as it may seem, homes inspected prior to going on the market have two very significant attributes:
1. They sell faster than homes not inspected until the buyer has made an offer.
2. They sell closer to the asking price than homes not inspected until the buyer has made an offer.
Why the heck does that happen?
When the buyer makes an offer, there is an assumption made by the buyer, reasonable or not, that there is nothing wrong with the home! If there was something wrong with the home that the seller knew about, but did not disclose, shame on them, it is about to cost them money. Most often, though, the items that come up on the inspection by the buyer were unknown to the seller. Sur-prise, sur-prise, sur-prise! And we've already established that surprise is not good in real estate. So how is it that the inspection for the seller makes the buyer pay more for the home and do it in less time?
Let us create an example of a 20-year-old home that has a fair market value of $100,000, just to make the math easy. That value assumes that nothing is wrong with the home. When the buyer has the home inspected it is with the assumption that anything discovered to be wrong will be corrected by the seller or a price concession will be made.
Now, let's consider that the buyers inspection revealed the need for a new roof, several plumbing leaks, and the need for replacement of three exterior doors. When these discoveries are made by the buyer's inspection, the clock is running and running fast. These items need to be corrected before the sale can be completed. This time crunch puts the seller at a disadvantage when dealing with the contractors. When time is critical, you have fewer choices and the costs go up. Additionally, the buyer often wants to have input on who does what work.
This situation is always tense and expensive. It can be avoided!
Let us now assume that the inspection result occurs, but it is for the seller as the home goes onto the market. The seller is now in control. Armed with a clear picture of what is wrong, the seller can choose to shop calmly for the best value in repair contractors, offer a credit at closing or adjust the sales price to reflect the diminished value. They can even make the necessary repairs, then increase the price of the home to reflect the increased value!
No matter the choices made, the seller, on the seller's time frame, makes them. This actually makes for a neater, simpler buying decision for the buyer. The buyer knows better what condition the home is in and knows what issues to base the initial offer on. The buyer will still in most cases get the home inspected, but this is a breeze. It is rare that any additional items of significance arise.
The pre-listing inspection puts deal killing at the lowest risk. Most often, it makes for an awesome deal-closing tool!
Copyright © Florida HomePro, Inc. and Wallace J. Conway. All rights in all media reserved.
Wally Conway is President of Florida HomePro Inspections, and is featured regularly on HGTV's "House Detective". As a speaker, instructor, author, and host of The Happy Home Inspector radio show every Saturday at 3 PM on WOKV 690, Wally blends the right amount of up-to-date information with just the right amount of humor, insight, motivation, and real-world application. Visit http://www.wallyconway.com and http://www.gohomepro.com for more information on his new book, "Secrets of the Happy Home Inspector"!
|
|
|
Which Water Purification Systems Are Best? - A Comparison Of The Three Most Common Technologies
Fresh water is essential to our health and comfort. Not only do we rely on it to stay hydrated, we use it in many other ways including bathing, cleaning and cooking food, and laundering our clothes. Fresh water has long been a concern of both public communities and private individuals, and several different water purification systems and treatment technologies have been developed to help ensure that tap water is safe for human consumption. But how do these different technologies compare?Whether you get your water from a well or a city system, water sources can become contaminated by bacteria, runoff, and improp...(related: Home Improvement)
How To Get The Most Out Of Your Home Theater ? Without Spending A Fortune
So you've scraped and saved, now you've finally gotten together a semi-respectable home theater system. You want even more, but the idea of spending another few thousand on new front speakers doesn't cut it. What can you do?There are ways to get the most out of what you have without breaking the bank. There are several areas you can look at to ensure your theater is set up correctly and performing at its best.Cables and Interconnects ? It's imperative the signals are transferred from your source components to your speakers, going through various c...(related: Home Improvement)
Bakers Racks Add Flair And Style To Your Kitchen
Many items a person can add to the kitchen are stylish and functional. Bakers racks fit this description nicely. This kitchen furniture has been seen in homes for decades and their popularity is increasing all the time. Bakers racks can be used for extra storage space and to brighten up a lonely corner. Uses for them seem endless.Some are hand-painted with beautiful designs, including flowers. The detailed work on some bakers racks is one of many appealing features they have. Lovely curved frames and many have pine shelves with a charming finish...(related: Home Improvement)
Here Comes The Sun: Solar Energy Is Becoming More Attractive For Mainstream Consumers
The price of a barrel of oil has never been higher ($62.00+ in summer 2005 even before the chaos caused by Katrina). Some say this is a temporary spike, but more and more analysts are agreeing that ...(related: Home Improvement)
Lighting And Your Emotions (part One)
Do you feel unhappy in your home and you don't know why? Maybe you need to let the light shine! Add new light to your rooms for an instant uplift.Lighting affects you more than any other design detail in your home. Your choice of lighting fixtures, light bulbs, and color of light makes a difference in your emotional and physical comfort. Lighting is both an art and a science.Correct use of lighting benefits you in many ways. Besides allowing you to see, lighting sets the emotional atmosphere. You spend most of your day in activity. You need good lighting for these activities, to see clearly, to prevent fatigue, and to support your happiness.Lighting helps change a room for different uses more easily than any other design detail. We can light a room for the occasion or ...(related: Home Improvement)
Whats Underfoot? A Quick Guide To Patio Surfaces
Patios and terraces have always been popular outdoor spaces. Whether a Parisian courtyard or a rooftop alcove, only porches and sunrooms beat out these paved (or semi-paved) retreats in a recent survey of my readers as the most ideal outside living space. Let's examine some of the wide variety of patio surfaces.Patio StonesSomteimes called flags or slabs, patio stones are flat square or rectangular blocks of pressed concrete. Standard sizes generally include 2' x 2', 2' x 2½' and 2' x 3' (60 x 60 cm; 60 x 75 cm; 60 x 90 cm), with a 2" (5 cm) thickne...(related: Home Improvement)
Hydronic Vs Forced Air Heating And Cooling
Hydronic, or hot water, heating has been standard for years in many parts of the U.S. It is seeing a surge in popularity at present, mainly because of the increasing use of radiant floor heating, which is known for providing even, comfortable heat. Yet contrary to popular belief, not every home in the free world needs hydronic heat to achieve this level of comfort.Apples to OrangesHydronic heat i...(related: Home Improvement)
Basic Methods Of Foundation Waterproofing
It is absolutely necessary to waterproof the foundation of your home. Foundation waterproofing is a critical step in maintaining your home's value and an important measure for preventing very serious damage. Usually done by professionals, foundation waterproofing is generally not recommended as a do-it-yourself project. Your home is likely your biggest investment, and foundation waterproofing is imperative in order to protect that investm...(related: Home Improvement)
Make Your House A Home
When thinking about polished floors, cushions in place, an exquisite flower arrangement, crisp and folded napkins on the table, take time to think about comfort, family time and kids activities also when decorating or designing your house. A lively place full of warmth and chatter is what makes a 'House' a 'Home'. There are times when we overlook some important details to give that 'Designer Touch' to our houses. Household accidents, unhealthy personal conditions and lack of family activities are the result.To avoid such a situation, take care to make your house a comfortable and healthy place to live in. Look around you and observe carefully if any difficulty and threats are being posed due to faulty placement and wrong choice of objects. Here are some tips to get you started:1. Rubber Mats: Tho...(related: Home Improvement)
site-map - Copyright © 2007 | Contact Webmaster | All Rights Reserved | Free Articles and Information | Home Improvement