The time has arrived. With the contract to settlement process taking approximately 30+ days for most consumers, I have an idea on how to shave about a week off of that. It’s the pre-sale home inspection. Traditionally paid for by the buyer, I suggest the home seller do this for the following reasons:
1. 90%+ of local buyers are going to do it anyway. Why not find out what their report is going to say?
2. If you prefer stress, then wait and wait and wait for the buyer’s results instead.
3. You can market your home as “Pre-Inspected!”. Better yet, Pre-Fixed!
4. Instead of wasting your money on a home warranty (see yesterday’s post), take the same dollars and get the home inspected.
5. Get the items in the report fixed, so you can eliminate all issues buyers may have, including termite, radon, etc. This is better than fixing them days before closing. Also, one has to believe that if you eliminate all inspection issues, your home will sell for more money.
6. Share the report with the buyer. What a great way to be open, and create a relationship of trust. “We had termites. We killed them. Here’s the certificate. We had a leaky pipe. Ted the plumber came out and replaced the PVC. Here’s the receipt for $85.”
7. Sometimes, there will be items you don’t want to fix. Get estimates for these. Be upfront with the buyer.
8. The buyer can re-hire the same company you had to do the actual inspection for you. Typically for about $150, the home inspection company will meet the buyer, bring the report, and walk through the home again and explain things. The buyer has to love that, because they save money. A typical home inspection may cost them $400-$500.
9. Some home inspection companies will give a warranty on their inspection for 90 days. In other words, if they miss something in the report, they make good on it.
10. Compared to other homes on the market, buyers may wonder why you are providing this service, but other sellers are not. Your home will stand out.
Get a pre-sale home inspection. You’re better off dealing with any potential bad news upfront, instead of days or weeks before closing.