Most people know that a home inspection is a good idea for potential buyers before entering into a binding contract, but home inspections are also a good idea for sellers. There are many benefits of a pre-listing home inspection that you can take advantage of if you are thinking about selling your home.
A home inspection is a great way to get to know your home, it’s worth, and its faults so that you aren’t blindsided by a potential buyer. Keep reading to find out why more sellers are scheduling pre-listing home inspections.
Repair Problems on Your Own Terms
Getting a pre-listing home inspection can save you money and time because you have the option to repair any problems on your own terms. If you wait until the end of the transaction process, you will have to choose whoever is available at their set cost to make major repairs so that the home sale goes through.
When you are aware of problems before you list your home, you can choose your own contractors, repairmen, etc. without worrying about their availability and/or rush service charges.
One of the Main Benefits of a Pre-Listing Home Inspection is to Prevent Deal Breakdowns
After entering into a good faith contract, the number one reason why negotiations fall apart is due to home inspection surprises. Often both the seller and buyer are surprised when unexpected problems are discovered during the home inspection. This can lead to tense negotiations that end up with the buyer walking away from the deal. You can avoid this situation with a pre-listing home inspection.
With inspection results in your hand before listing the home, you can either repair any large problems or factor the cost of repairs into the asking price. Since you will disclose the issue upfront to justify the price, you don’t have to worry about holding up the sale of your home by losing your first bidder.
Walk into Negotiations with Power
Following the same line of thought, you will gain the upper hand in the home buying process if you know what would be found in a buyer’s home inspection ahead of time. During the buyer’s home inspection, the seller is not allowed to come along. Because of this, the seller misses out on the chance to talk to the inspector one on one about issues for more detailed insight.
A pre-listing inspection can help you decide what should be fixed, skipped, or disclosed to the seller. When you have this knowledge beforehand, you will have an advantage when it comes time to negotiate.
Skip the Buyer’s Home Inspection
While the buyers still have the right to order a home inspection, one of the major benefits of a pre-listing home inspection is that the buyer may choose to accept the pre-listing inspection report. This will save you time in the escrow process since the buyer can skip past scheduling and obtaining their own inspection.
It is estimated that about 50% of homebuyers will accept the pre-listing inspection when offered the report. Noting that the home inspection report is available in your listing description can even make your home more attractive to potential buyers.
Selling your home soon? Check out our post on staging your home for sale.