I know very well that selling a home can be a very stressful experience for some people. But there are some steps a seller can take to reduce that stress. One important step is getting a home inspection before putting it on the market. We call it a pre-marketing inspection.
There are many hurdles a seller must get over before their home closes and the funds are safely in their bank. Obviously finding a buyer and getting the home under contract is one of them. But what's next? In most cases the contract will be subject to an inspection. In the South Florida marketplace virtually all properties are sold using an AS-IS Purchase and Sale Agreement. With an As-Is contract, the seller isn't required to make any repairs or give any credits but the buyer has the option of being released from the contract. Usually they will attempt to renegotiate the purchase price if the inspection discovered defects that are not visible when the buyer made the offer.
You may have a beautiful well maintained home, but do you really know if it could pass the scrutiny of a buyers home inspector. Plumbing, electric, roof, wood-destroying organisms, seawall defects are common issues discovered during a home inspection. I have never seen a home pass an inspection 100% without some minor or major flaw.
If your home has hidden defects neither of these options are very attractive to the seller. You will either have pay for a major expense or find a new buyer. There are several more reasons why sellers should have their homes inspected prior to putting it on the market. Here they are in no particular order.
It makes the home more marketable. Having a clean inspection report at your disposable will reduce or eliminate buyer anxiety. A top concern for buyers is the possibility of purchasing a money pit.
It can save you money. First, buyers will always over estimate the costs of repairs. More important, is if a needed repair is discovered, you can make the repairs at your own pace. Maybe even make them yourself if you are able. Once you are under contract, time is of the essence. Finding contractors at the last minute can be difficult and expensive. If it is something that requires a building permit to fix that could potentially take a lot of time to go through that process.
Avoids the possibility of re-negotiating the contract. Just because your home needs repairs doesn't mean you have to make them. But if you are able to disclose them, and have estimates in hand, you will eliminate having to re-negotiate the price later. You will also be armed with estimates you can trust. Remember I told you that buyers tend to over estimate repair costs? Well, so do home inspectors.
It speeds up the process. Inspections can be deal killers for many sellers. You have the property on the market for weeks or months, then finally get it under contract. It is then effectively off the market during the one or two week inspection period. If the deal goes sour because of the inspection you will have lost valuable time seeking a buyer. Then you have to put it back on the market and try to find another. Worse than that, you or your agent will have to explain why the deal you had fell apart, and that is not a good position to be in.
The cost of home inspection is about $600 for an average size home and well worth the cost to the seller in my opinion. It can save you money in many ways and eliminate or at least reduce stress and worry about keeping the contract together. Most home sellers plan a sale well in advance. Make a home inspection part of your planning process.
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Serving The Greater Fort Lauderdale area since 2006
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