Traditionally in the real estate process, an inspection is requested by a homebuyer around the time they are applying for a mortgage.
In fact, more than 85 percent of home buyers request an inspection as a way to uncover hidden faults and costly repairs that may need to be taken care of. In today’s buyer’s market, revealing such faults prior to closing can serve as a bargaining chip for sellers, forcing the seller to either accept a lower price or foot the bill for repairs prior to closing. That is why an increasingly important strategy for home sellers in today’s market is to have your property inspected before even putting it on the market. Here are some reasons why:
- When potential buyers are considering your home, knowing that an inspection has already been done can make your home much more attractive to them. A pre-inspection can give you an important competitive edge by making buyers more confident about placing a bid on your home; with a pre-inspection, buyers know there will be no hidden surprises awaiting them down the road.
- If defects are uncovered once the buyer has already placed a bid and is applying for a mortgage, you are suddenly under the gun to either accept a lower offer or cough up the funds for repairs. Conversely, a pre-inspection allows you to take care of any repairs within your own timeframe. If expensive repairs are uncovered before putting your home on the market, you can budget accordingly throughout a period of time and comparison shop for the best pricing.
- A pre-inspection also allows you to decide which repairs are not necessary before putting your home on the market. Certain problems you might have been worried about may turn out not to be as bad as you originally thought…and, therefore, not make a difference in how you price your home.
- Having a pre-inspection affords you more control in the negotiating process. Being aware of your home’s pros and cons in advance, helps put you in the driver’s seat when it comes to price negotiations. In fact, a pre-inspection allows you to price your home more accurately in the first place.
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me anytime to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.