It’s common for buyers to schedule and pay for home inspections once purchase offers are accepted by sellers. In fact, more than 85 percent of all prospective home buyers who applied for a home loan requested as a contingency, a home inspection, according to the U.S. General Accounting Office. However, there are instances when sellers are proactive, opting to have their properties pre-inspected.
For instance, in a hot market like Orlando, which currently favors sellers, means increased competition. Because there is such robust activity in the local area, buyers have no shortage of choices, from resales, to recently built, to new construction. Other factors are playing a role in the number of closed and pending transactions. These consist of affordable, yet rising home prices, loosened credit scoring, and, near record-low interest rates.
Homes Sell Faster with a Pre-Inspection
Though a home inspection is an added expense, it’s one that could be worthwhile for sellers. It does much to empower sellers and to entice buyers. A pre-inspection is one of the single most powerful resources sellers can rely on prior to listing. After all, as a seller, you’ll do a lot to prepare your property for sale, including staging, professional photos, deep cleaning, and decluttering.
“Typically, home inspections are paid for by the buyer and performed right before closing the sale of the home. By moving the inspection to the beginning of the sales cycle, sellers are able to shorten the process by removing obstacles before they can interfere with a potential sale.” —Angie’s List.com
Qualified buyers will see dozens to scores of properties online before ever personally touring one or more. They will definitely go into each and every home with critical eyes, looking for any and all problems. In today’s real estate market, buyers are greatly in-favor of move-in ready properties. Even small things can have a very big, negative impact. Being vigilant certainly gives sellers an advantage. Here’s why it’s so important:
- A pre-inspection demonstrates there’s nothing to hide. This is precisely why prospective buyers request a home inspection — they want to discover any existing or potential problems. It’s not unusual for sellers to also be taken by surprise. It tells you the overall condition of your property and pinpoints problems that can be proactively addressed before it goes on the multiple listing service.
- The professional report reassures prospective buyers. Think about how enticing and reassuring a property listing is when it’s accompanied by a home inspection. It shows you are motivated and serious about selling, which is very effective marketing that will stand out from the competition.
- It will cut-down the timeline. If an inspection does reveal problems which must be dealt with, that can throw-off the time to close. This can really complicate the transaction, particularly if one party has already sold their home and/or is under a tight timeline to move.
- You’ll be in-the-know. A pre-inspection could reveal a large problem that’s yet to materialize. If it does, it gives you an opportunity to consider the best course of action. This is exactly why a pre-inspection is worthwhile and done before putting a home on the market for sale.
What’s more, a pre-inspection also helps backup your listing price. It tells interested buyers that you’ve done all the necessary research and are confident about your asking price. In addition, it also helps to prevent low-ball offers and encourage full price offers.