Kenna Real Estate Save Sellers Thousands with Pre-Listing Inspections
by Brian Burke
on Thursday, November 14th, 2013 at 11:33am.
Its not uncommon for buyers to request home inspections in order to ensure their purchase is in good condition. Most people know that performing such an inspection can help them save thousands of dollars on their purchase later on. What sellers do not realize is that they could also benefit from having an inspection performed before placing their home on the market for a number of reasons.
When buyers undergo an inspection, they essentially have the upper hand when it comes to negotiating a homes price. Thats because their purchase agreement is normally written up as being subject to inspection. Should major problems be discovered, they can then renegotiate the sales price. At this point, most sellers are willing to cave on their asking price simply because they are counting on making the transaction. When buyers know up front what problems a home has, there is no more wiggle room left.
Discover Major Problems
The purpose of home inspections is to uncover major faults with a structure so that buyers do not get burned. This information can actually be useful to the seller as well. Thats because homeowners can go ahead and take care of any underlying issues before the house is actually placed on the market. This will help them fetch more money for the home, and eliminate any uncertainty about renegotiating their asking price should the buyer decide to complete his own inspection. Not only that, but the home could actually increase in value if major repairs are performed, especially if they consist of new roofing.
When buyers request a home inspection, it can slow the sale down somewhat, as they will likely attempt to renegotiate the sales price if defects are discovered. If major problems are detected, they may even want to have them taken care of before they close on the property. When home inspections are performed by the seller, everyone already knows up front what condition the house is in. This means there are no renegotiating terms and no waiting for work to be performed ahead of time, thereby allowing the sale to move forward in a more timely manner.
Sellers who request home inspections ahead of time will be helping to build a level of trust with potential buyers. No matter how new a home is, an inspection is bound to reveal faults that most sellers would probably rather not disclose. When sellers are open about these defects, buyers are more willing to believe they are honest, which could just mean the difference between them purchasing that particular piece of property or moving on to another.
Like it or not, home inspections will always be a part of the real estate buying process. Sellers who choose to have them performed ahead of time can reap a number of benefits, and can often realize a higher purchase price for their home, thereby offsetting the cost of the inspection by hundreds or even thousands of dollars.
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Brian Burke | Broker | ePRO | Expert | 303.955.4220 Office | 303.710.2609 Direct | Brian@kennarealestate.com