When you are listing a home, you will get the top price if it is in good
So, before listing your property, you want to find out about any hidden problems.
Almost all sales contracts include the condition that the contract is contingent upon
completion of a satisfactory inspection. This is known as the “inspection
contingency”. Buyers will insist on a professional home inspection performed by an
inspector they will hire. If the buyer’s inspector finds a problem, it can cause the
buyer to get "cold feet", and the deal can often fall through. At best, surprise
problems uncovered by the buyer’s inspector will cause delays in closing, and usually
you will have to pay for repairs at the last minute, or take a lower price on your home.
It is better to pay for your own inspection before putting your home on the
market. Having a pre-listing inspection done, will make the whole sale process
easier. Find out about any hidden problems and get them corrected in advance, on
your own terms. Or present the items “as is” and reflected in the purchase price.
Otherwise, you can count on the buyer’s inspector finding them, at the worst possible
time, causing delays, and costing you more money.
One of the key benefits of having the inspection done early, is that if there are any
problems discovered that need to be repaired, you can have the repairs done on your
own terms, on your own schedule. When a problem is not found until the buyer has
an inspection performed, the deal you’ve worked so hard to get done, may fall apart
unless you act quickly to male repairs. Or you may have to take a lower price, in
order to keep the deal active. In either case, you’ll almost certainly have more
headache, and spend more money, than if you’d known about the problem and had it
repaired before negotiations began. You could save thousands by simply being
able to shop around and get competitive bids from contractors, rather than
being forced into paying for a “rush job” at the last minute. Another area where
you can save money is in having flexibility to choose the materials used in repairs.
Sales contracts usually specify repairs must be made using materials of “comparable
quality”. By identifying needed repairs early, you’ll have the option to save money by
using less expensive materials for the repairs.
You can also benefit from simply offering certain items “as is”. Often, you can
negotiate with a buyer to accept items in the current condition by stipulating that they
are reflected in the purchase price. But that same buyer may walk away from the deal
if the conditions come as a surprise, after an offer has already been made. If the
home is inspected before the house goes on the market you will be aware of the
condition of the house before an offer is made. There won’t be any surprises and the
deal is far less likely to fall apart. It takes a lot of effort to get a sales agreement
signed in the first place. If the inspection turns up problems, the buyer will want to
negotiate a new deal and that second sales agreement is usually even harder to get
done than the first one.
By having a pre-listing inspection done, you can identify problems early. Then
either correct them or present them “as is”, assuring that the first offer you accept can
move quickly and smoothly to closing without delays or costly surprises.