January 25, 2009

The importance of Pre-Sale Inspections

Category: Foreclosure Info – Matt Landry – 2:00 pm

Looking to sell your home faster?
Then sell your house with more confidence!
“The door knob needs to be jiggled and the door will open fine.” “The floors slope, but it is an old house and it has been fine so far.” “The air conditioning worked fine last year.” These are some of the comments made by people trying to sell their home. Comments like this are often made by people who have become accustomed to their homes present condition. While these conditions may be acceptable to the existing owner, it certainly may not be acceptable to potential buyers. Minor issues such as faulty door knobs, windows that stick and lights not in service, can compound quickly and deter buyers, especially, if the homes list price does not take these items into account.

In a slowing real estate market, selling your house can undoubtedly be frustrating, so why not consider a pre-home inspection to help give you more confidence in selling and also give buyers more confidence in making you an offer!
A pre-home inspection encompasses all that is performed in a home inspection when the home was purchased, such as examining: Roof/attic, gutters, chimney, exterior, lot/grounds, plumbing, electrical, furnaces, A/C units, foundation, hot water tanks, basement/crawlspace, radon testing, pest inspections and many other home components. These reports allow the seller to determine the functionality of their home’s components before it goes onto the market. Thus, allowing the seller and realtor to make an informed decision on the listing prices, make necessary repairs and take control of the sale.

A pre-home inspection also eliminates last-second price negotiations and the possibility that the buyer might become nervous regarding a sale once the buyers’ inspector uncovers a needed repair, which could jeopardize the entire purchase.

A guaranteed pre-inspection is an effective selling tool, encouraging buyers that what they see is what they get. It eliminates the buyer-beware attitude and expedites negotiations between the buyer and seller. Some larger companies often put a sign next to the “for sale” sign indicating that the home has been pre-inspected, which often acts as a stimulus to potential buyers.

Often driving down residential streets, lawns are littered with “for sale” signs boasting such slogans as: “reduced price”, “area specialist”, “5 bedrooms” or every buyer’s favorite, “motivated seller.” All of these catchwords can be those of frustrated sellers who are having a hard time selling their home. How often do we see a sign stating that the home has been pre-inspected? Most likely never, or if we have they are few and far between.

Selling your home is no longer an easy task. With current market conditions, there must be a way to attract buyers. You must market towards drawing the attention of buyers to your home instead of the one for sale down the street. This can become very difficult, especially if you lives in a neighborhood where homes are very similar in layout, design and parcel size.
Say for example there are two houses; both are roughly the same square footage, similar in layout, same amount of acreage and similar in age. If they are both priced the same then what will attract a buyer? A pre-inspection performed on one of the houses may uncover that the roof is nearing its useful life expectancy and that the hot water tank is about to go. This allows the seller to make adjustments to the price accounting for needed repairs. The price is now lower than the one down the street, thus making it more attractive to buyers. This is not to say that maybe the un-inspected house has the same problems, but was not uncovered until the buyers’ inspector performed their inspection. This will definitely slow down the process of the sale, particularly if the buyer has reservations about repairs in question. The pre-inspection acts as a great marketing tool and gives the seller a much needed boost in confidence. The pre-inspection report acts as an effective bargaining tool for the seller the same way it does when the buyer hires an inspector.

Statistics show that those who elect to obtain a pre-inspection sell their homes up to two times faster than those who do not. If you are having a hard time selling your house, or would like to sell it quicker, then a licensed New York State home inspector should be your next call – and remember, if you list your home with the 518list team, you’ll get up to $75 off the cost of your pre-inspection!
A typical pre-home inspection can range from 1 ½ – 3 hours and can range in price from $250-$500. These numbers are dependant on the size of the structure and what type of additional testing is going to be performed, such as: radon, mold, pest and lead.

In the end a pre-inspection is beneficial to both the buyer and seller, because it allows both parties to make informed decisions on price negotiations. This then makes the entire process of buying a home; which once seemed so dreaded, a more pleasurable process. It’s a buyer’s market so don’t wait till you have a buyer in hand to find out there’s a deal-breaking defect in the home.
Knowledge is power!

Matt Smith
Ace Home Inspections of Upstate NY
NYS LIC# 16000038000
Contact:
AHIOUNY@yahoo.com
518-727-7091

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