Few things can derail a real estate deal like home inspection issues. Regardless of how well the negotiations over price went, when it comes to the home’s condition, all bets are off. Negotiations start again, but this time with far more emotional energy behind them. Buyers want fixes, sellers want to hang on to every last penny.
Billings homeowners who are considering selling their homes may want to purchase a pre-sale home inspection. While it may not necessarily stop a deal from falling apart, this inspection has other benefits that are worth considering.
A pre-sale inspection paves the way to a smooth transaction
Our clients often ask what can be done to get the home ready for the market. Aside from our staging services, we recommend that they repair anything in obvious need. But, how does the average homeowner know where to look and what to look for?
A professional inspection will give you a clear idea on not only what to fix now, but what items may present obstacles to a smooth closing once you have a buyer. And, since time is money, closing as quickly as possible should be your goal.
Those repairs you decide not to make can go on a list to be handed to potential buyers. This way they know upfront what needs to be done and can make a decision on whether to purchase BEFORE they make an offer and we take the home off the market.
Keep in mind that some repairs may be required by the lender and, although it doesn’t often happen, even your insurance company can insist on certain repairs. At any rate, it’s far better to have a potential buyer walk away before entering into a contract than after.
The home inspection as the get-out-of-the-deal-free card
Even somewhat innocuous items in a home inspection report can become a bone of contention and many times the buyer is using this as an excuse to walk away from the deal for other reasons. These may include cold feet, finding another home they like better or any number of reasons. Since most purchase contracts allow the buyer to be released without penalty should the home inspection turn up anything they don’t like, they use it as a get out of the deal free card.
A pre-home inspection, handed to each potential buyer, should quash this tendency. Since they are aware of the home’s warts going into the agreement, there should be no reason, short of their own inspection turning up something different, for them to walk away for inspection reasons.
A pre-sale home inspection makes for great marketing fodder
Nothing instills confidence in a buyer more than a seller who is completely upfront and honest about the home’s condition. Should you choose to fix what’s wrong with the home, the report can and should be used in the marketing of the home. Even if you don’t do the repairs, providing copies of the report to potential buyers shows them that you aren’t trying to hide anything – it provides good faith.
Of course a pre-sale inspection isn’t necessary for the successful sale of your home, but if you know there are items in need of repair, it’s best to let potential buyers know before they sign a purchase agreement, getting rid of one of the major reasons home sales fail.