Speed Along the Real Estate Transaction with a Pre-Listing Home Inspection
WRITTEN BY STEVE WADLINGTON, 25 APRIL 2019
Arguably one of the more significant steps of the home-buying process is the home inspection. Done properly, the home inspection allows buyers to gain a clear understanding of the property they are about to purchase as well as provide sellers the knowledge of what can (or should) be improved at their home.
As the real estate market becomes increasingly competitive and consumer confidence rises, buyers and sellers are more motivated to seek opportunities to close deals efficiently. That’s why real estate professionals often suggest a pre-listing home inspection — an inspection prior to putting the home on the market. Pre-listing inspections provide an added benefit for the buyer, seller and real estate agent, and often allows sales transaction to be completed more quickly.
Here are some key points to remember for your pre-listing inspection:
Involve your Real Estate Agent
When it comes to real estate, agents are pros and they play a key role in moving the home buying transaction along. During a pre-listing inspection, agents know what questions to ask the inspector to be sure they fully understand any issues, and to alleviate client concerns. Good real estate agents take the time to work with their clients post-inspection to go over the inspection report. Their goal is to make sure buyers and sellers fully understand the findings of the inspection report.
Build Trust with the Buyer
For homebuyers, a pre-listing inspection builds confidence. It allows buyers to immediately know all the under-the-surface details within the home. If there are parts of the home that need fixing, the seller’s repairs can increase the asking price or be touted in the listing description to help a home stand out. Where repair issues are identified but not repaired, credibility through disclosure is gained and the issue is factored into the pricing upfront. In each case, sellers who disclose the condition of a home upfront gain the trust and faith in a buyer during the initial stages of their purchasing decision.
Spotlight Your Home
A pre-listing home inspection report is a great marketing tool for sellers and agents because it clearly points out the best features of the property. Any recent home renovations will be noted and stand out to buyers. These updates can offer both aesthetic and mechanical value with items such as new flooring, new appliances or a new furnace or air conditioning unit. A home buyer likes to see updates have been made to the home as they are often costly — and it reassures them the home is properly maintained. This assurance will help to accelerate the transaction.
Planning Can Save Time and Money
For the seller, a pre-listing home inspection allows for time to make repairs before putting the house on the market. They can then make these repairs on their own budget and timeline rather than having to pay for a buyer’s contractor to quickly complete the work.
Remember, the goal of a home inspection is to provide a true reflection of the issues concerning the home and offer a non-alarmist, practical solution. Leveraging the knowledge and experience of professionals ensures important things aren’t missed, reports are received in a timely fashion and all parties are enabled to move the home smoothly and successfully through the real estate transaction.
Steve Wadlington, president of WIN Home Inspection, one of the fastest growing franchised home inspection companies in the United States with more than 150 operators in more than 185 locations in 32 states.