The Trend: Home Pre-inspections
One of the latest trends I’ve noticed is the growing use of the home pre-inspection. Home inspections are there to protect the buyer by providing a neutral, third-party assessment of the property’s condition. Generally, a home inspection takes place shortly after the seller accepts a buyer’s offer, and the purchase contract is almost always contingent on a successful home inspection. If the home inspector discovers something the buyer deems unacceptable, the buyer can walk away from the deal without losing the deposit.
A pre-inspection, on the other hand, can provide sellers with a clearer picture of their home’s condition, allowing them to remedy any issues before putting it on the market. “A lot of things can come up as a surprise because oftentimes the seller doesn’t realize the condition of the property,” says Century 21 All Islands realtor Mathew Ngo.
Pre-inspections are attractive to potential buyers for a number of reasons. First, it indicates that the seller is serious about getting the home sold. Second, it means fewer headaches during the closing process. By eliminating any potential deal breakers, sellers can seal the deal quicker and reduce the chances of buyers backing out. “The pre-inspection minimizes the chances of getting the price re-negotiated or having to address any repairs during the property-inspection standpoint.”
Which brings us to the final and most lucrative reason to do a pre-inspection: cost savings. For about $300 to $400, which is the average cost of a home inspection, sellers can give buyers peace of mind and, as a result, likely walk away from the deal without having to significantly reduce their asking price. It’s a win-win for both sides of the deal.
Posted on Thursday, January 13, 2011 in Permalink