Why are Pre-Listing Inspections a Good Idea?
Home inspections are typically part of the real estate transaction. Most often, it is the potential buyer who orders an inspection. But sellers have good reason to get an inspection done on their home prior to putting it on the market.
Getting a pre-listing inspection done will inform the seller of potential issues that exist with the property. This can help with negotiations later on since there will be no surprises. It is helpful to address or at least be aware of issues with your house before a buyer finds them and has the upper hand in negotiating a price or backing out.
Sellers may be hesitant to want to pay for a pre-listing inspection. Also, the seller and real estate agent are legally responsible to inform the buyer of issues found in the inspection. Nonetheless, this inspection can equip the seller to appear trustworthy and can help them defend their asking price.
Are Pre-Listing Inspections Different Than a Buyer’s Inspection?
The scope of the inspections is the same. All of the major components and systems of the home are inspected. The inspection will give the current condition of the home and reveal potential issues. The price is very similar for both inspections.
What is different is when the inspection is performed and who has ordered the inspection. A pre-listing inspection is done before the house is listed for sale. And it is requested by the seller. A buyer’s inspection is done at the request of the buyer interested in purchasing the home that has been listed.
Pre-Listing Inspections Benefit the Seller
It can be very frustrating when a seller finds a buyer interested in their home, only to have the transaction abruptly halted due to issues discovered during the buyer’s inspection. This can be avoided by getting a pre-listing inspection done.
Knowing the potential issues with the house will help the seller during negotiations. They can resolve the issues themselves, perhaps making the needed repairs, before listing the house for sale. They can make sure the issues are accounted for right away when a buyer is interested, or they can have these reflected in the sale price.
The pre-listing inspection can lead to a faster sale and a smoother transaction.
If Problems Are Revealed During the Inspection
If the pre-listing inspection reveals issues with the house, how they are resolved depends on different factors. It is not always the seller who needs to fix the issues. The real estate agent can advise the seller if certain issues will impact the sale. Sometimes the seller will want to address the issues before listing, and sometimes they can work it into the contract for the buyer to fix them.
Building Trust With a Buyer
When a buyer sees that the seller has revealed potential issues upfront, they may find the seller more trustworthy and be more inclined to enter into a contract with them. The buyer is given peace of mind when they have more details about the property, the good and the bad.
The buyer will still want to have their own inspection done prior to purchasing. This is especially true if there are issues uncovered. This will confirm what repairs need to be made.
Pre-Listing Inspections Are Beneficial
As discussed, these inspections are beneficial, both to the seller and the buyer. They can help negotiations go smoother and lead to better relationships between both parties.