In Arizona when a Realtor uses a contract to write an offer on a property, it will include a period of time called the Buyers Inspection Period. I've since renamed this period the buyer's 'Free Look', because during the inspection period a buyer can practically give any reason to cancel a contract and be entitled to all of their earnest money back, almost no questions asked.
So what can you gain by getting a home inspection at the time you decide to sell your home?? Well for one you will know the true present condition of the house through the eyes of a licensed inspector. Chances are the buyer for your property is going to hire the services of an inspector, and chances are good that a buyer is going to furnish you with a laundry list of things that they want you to fix before they go ahead and truly agree to proceed with closing the transaction. You won't be happy on this day.
Inspectors climb around in the attic, check plumbing and electrical systems, and poke around in plenty of other dirty places that most sellers never bother with in their own home. They will find things that will surprise a seller at times. And when buyers find these things they think you are trying to sell them a lemon, again not a fun day for you. It is much better to know about whatever they find before you may be in the middle of a transaction. Especially if you've already called the moving company and have begun to pack your belongings.
Think about this in terms of setting the price as well. Lets just say that your home has a very favorable inspection report, one that says there are no real red flags or needed repairs. You would have third party, licensed evidence of this fact and could advertise this. Between two different sellers with a similar property, who would have the negotiating advantage with a potential buyer?? The seller with a true picture of the condition of the home, or the seller that is waiting to find out from the buyer what the inspection report has on it??
Even if your report comes back with some negatives on it, you certainly will know about these and will be able to fix the issues. This could allow you to once again ask for more $$ for your home than a competing seller, depending on the issues. Most sellers in today's market hang on the whim of the buyers and their inspection report. Get in front of the issues. Most home inspections cost in the neighborhood of $300, and it is a small price to pay if it means you can get a few thousand dollars or more for your home. This is a unique opportunity as most sellers nor listing agents do NOT make an inspection a standard of practice.
By ordering a home inspection before you list your property will also help you with your seller disclosures. You will be able to offer a more accurate representation of what you actually know about the home. This also covers you to a degree if a buyer decides to use your disclosures against you in court after the sale for some reason. Having an inspection report to give to the judge is better evidence than saying you didn't know at the time.
You can also offer a copy of the inspection report to the buyers after the offer is agreed to. The buyer still has the right to have their own inspection done (and I would still recommend it to my clients). But again, lets say you have your own inspection report and found some items that needed correction. You simply fix those issues and provide receipts or invoices from the folks you hire to do the repairs. Now the buyer sends in his inspector and asks that these particular issues are paid attention to... chances are they don't show up on the buyers inspection report and the transaction proceeds without delay.
An inspection report can validate your asking price and will give you an advantage in the market if used properly.
For any local folks who are thinking of selling your home I will make this offer to you. If you hire an inspector for a home inspection and hire me as your listing agent, I will refund you the cost of your inspection at the close of a successful transaction out of my representation fees. Simply provide me a copy of the inspection report and the invoice at the time of listing or sometime before an offer on the property is made. In fact, through the end of this calendar year I will double the refund of your cost of the inspection at the close of escrow out of my fees. Some restrictions would apply, but they are reasonable and negotiable.
No comments:
Post a Comment