Traditionally, home buyers pay for an inspection once a purchase agreement has been reached, and then any deficiencies are negotiated, where appropriate. There are several reasons why it’s in the seller’s best interest to pay for a professional home inspection before listing the home for sale.
- Avoid Costly Surprises – Identifying potential problem areas before you list allows you to prioritize issues to address within your budget constraints
- Reduce Stress – When both buyer and seller understand the property’s strengths and weaknesses up front, there’s less likelihood of a deal falling through post-inspection.
- Save the Buyer Money – When buyers pay for inspections on properties that don’t result in a signed contract, that can be discouraging and expensive. When your property is pre-inspected, the buyer can be confident that even if they choose to pay for their own inspection it will be money well-spent since a closed deal is more likely to happen.
- Simplify the Process – In some states the buyer can elect to waive an inspection, further reducing opportunities to haggle over the price, resulting in a better price to the seller.
- Target the Proper Price Point – When you and your Realtor are aware of your property’s pros and cons it is easier to identify the price range where your home has the best chance of finding the appropriate buyer in the least amount of time.
- Position for a Faster Sale – Again, knowing the selling points and the deficits up front will allow your Realtor to market your home in the way most likely to attract the right buyers from the beginning, meaning a quicker sale and better final sale price.
- Knowledge is Power – Home buyers are more likely to offer on a known quantity. A home with a pre-inspection has fewer unknowns than one without, and the buyer can be more confident that they are aware of potential problems BEFORE they make an offer. This in turn can increase the likelihood of a realistic, acceptable offer.
Your real estate professional can assist you in determining the best approach for your property. Be sure to seek the advice of real estate and legal professionals to make sure you are within the laws of your region and state.
Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota
copyright 2011 Shawn Buryska