The Future of Selling Your Real Estate
Home inspections have traditionally been for the benefit of the purchaser.
Pre-inspected listings benefit all parties — purchasers, vendors and realtors. Have your home inspected BEFORE listing it.
Deals Won’t Fall Through
Home inspections, performed as a condition of the offer, can kill deals. Sometimes this is because the purchaser gets cold feet; sometimes there’s a big problem no one knew about. Sometimes it is because the house has been misrepresented; sometimes it is because the home inspector scared the purchasers by not explaining that minor and typical problems are just that – minor and typical.
Pre-inspected Listings Avoid Renegotiation
In a buyers’ market, most houses have to be sold twice. It takes a lot of work to get a signed Agreement of Purchase and Sale. Then the home inspection is done and the purchaser wants to renegotiate.
If all parties know the condition of the house prior to the offer, there is no need for renegotiation. As most real estate agents know, renegotiation is very difficult. Vendors have already mentally sold the house; purchasers are suffering buyers’ remorse. Egos, pride and frustration can muddy the already emotional waters.
A vendor who pays for a home inspection will be further ahead than one who has to renegotiate. He or she may even sell the house faster.
An inspection at the time of listing can also help a realtor deal with a vendor who has unrealistic expectations. The inspection report is good ammunition for explaining why you can’t ask top dollar for a house that is not in top condition.
Repairs Prior to Sale
Sometimes, the home inspection will reveal items which should be repaired immediately. A pre-inspected listing allows the vendor to repair the problem prior to putting the house on the market.
If the inspection occurs after the Agreement of Purchase and Sale, the purchaser could walk, renegotiate, or depending on the inspection clause, the vendor may have an option to repair. A repair done by an unmotivated vendor to satisfy the condition may not be the best repair and may not meet the purchaser’s expectations. This has caused more than one deal not to close.
Reputable Inspection Companies
Pre-inspected listings will only have value if the home inspection company is perceived to be reputable and qualified. Prospective purchasers will have little or no faith in a report done by someone they perceive to be in the vendors’ or realtors’ pocket.
We believe that the future of home inspections lies in pre-inspected listings. Offers are cleaner and deals are less likely to be renegotiated or fall through. Pre-inspected listings afford purchasers, vendors and realtors the information and protection they all deserve.