The Benefits of a Pre-listing Home Inspection
Many home owners currently considering selling a home believe that a ‘hot’ market is a guarantee of quick, easy money! Certainly, a combination of lower inventory and higher-than-normal numbers of buyers looking for their dream home can make it seem that’s the case. But sellers would be wise to look deeper…and consider getting a pre-listing inspection.
Much of the time a super-heated market does make a sale easier. And likewise, homes can sell at or above asking due to bidding wars. But getting a home ready to sell is never a cakewalk, even when homes are selling faster than they normally would. There are still some possible pitfalls that a seller needs to be aware of to facilitate a timely and hassle-free sale.
A seller’s market does improve the chance of selling "as-is". Owners can frequently sell without having to make major updates or necessary repairs. But, note, your real estate professional is in the best position to offer informed selling advice. Any decision about what to do to your property before listing should involve a conversation with your agent. They will evaluate comparable properties in your neighbourhood. You can then mutually settle on a strategy to best meet your goals.
To the earlier point, more sellers are also finding a pre-listing inspection makes sense. It is a really efficient way to ensure that sellers meet any legal obligation to a buyer to disclose existing issues. This is particularly important if sellers decide to forgo updates/repairs. Buyers are likely to consider sellers who provide a pre-listing inspection report from a professional home inspection service as being ethical and above-board. These buyers then have the confidence to make an immediate offer and even close more quickly.
What’s the Difference Between a Home Inspection and a Pre-listing Inspection?
A Pre-listing home inspection is pretty self-explanatory. Before a seller officially lists a home, the owner contracts with a professional home inspection company. A home inspection professional will inspect the property to be listed to detect any potential problems or repairs that need to be made.
Essentially the only actual difference between a sellers’ inspection and a standard home inspection is who actually pays for it. When a home inspection is a condition of sale, the buyer typically contracts for it. For a pre-listing inspection, the seller picks up the tab.
What Does a Pre-home Inspection Cover:
The seller can decide how extensive the pre-listing inspection is. If there is a specific area of concern, the report can be focused on that issue. But most sellers opt for the comprehensive format similar to that of a standard post-sale inspection.
The Benefits of Pre-listing inspection
- The Seller Can Make Necessary Repairs Before Listing
The seller will be made aware of any issues with the home. They can then make the necessary repairs which will make the house easier to sell. If they choose to forgo fixing what ails the house, they can meet any legal obligation-theirs and their agents- and fully disclose this information to potential buyers.
- A Pre-listing inspection Facilitates a Straight-forward sale
Either fixing existing issues or disclosing any to a potential buyer- prevents the buyer and seller from having to engage in stressful back and forth. Because any issues have been shared ahead of an offer, buyers have the opportunity to decide in advance if they are still interested in the house. Fully informed, they are less likely to demand a lower price or walk away.
- A Pre-listing Inspection Allows the Seller/Their Agent to Correctly Price the Home
If issues are revealed during a pre-listing inspection, the seller can factor the costs to repair into the asking price. Buyers will then get the house for a lower price mindful of whatever work is required. If sellers elect to address any issues or receive a professional inspection report, they can confidently ask for a higher price.
- Pre-Listing Inspections Save Sellers Money
If issues are uncovered during a post-sale buyer-initiated home inspection, the parties will begin to negotiate whether the seller or the buyer will pay for the cost of repairs. Generally speaking, buyers usually demand more than the repairs would cost if the seller had made them before listing the home.
- The Seller is Considered More Trustworthy
A pre-listing inspection is viewed by buyers as a sign the seller is honest. In the pressure cooker that is a heated market, buyers may feel pressured to submit offers without a post-sale home inspection. They want to know they are negotiating in good faith. A pre-listing inspection indicates the seller is an honest individual with nothing to hide.
- A Pre-listing Inspection Can Result in a Faster Sale
A pre-listing inspection is also helpful if the owner is hoping for a quick closing or to avoid offers with contingencies. Since all relevant information about the house is already known, a pre-listing inspection can help all parties to navigate the process faster.
How Can We Help
O’Brien Home Inspections is an established residential inspection company located in London, Ontario. Mark O’Brien is the experienced owner/operator. Mark offers high quality home inspections for sellers and buyers in London, St. Thomas, Middlesex County, including Strathroy-Caradoc, Middlesex Centre, Thames Centre, North Middlesex, Southwest Middlesex, Lucan Biddulph and Adelaide Metcalfe.
O’Brien Home Inspections partners with clients throughout the purchase or selling process. Mark is invested in serving as knowledgeable resource for his clients beyond any single transaction. Known for consistently exceeding client expectations, O’Brien Home Inspections delivers a quality experience for its home buyers and sellers.
O’Brien Home Inspections
Quality Home Inspections for London, St. Thomas and Middlesex County
- The Seller Can Make Necessary Repairs Before Listing