| |
A
must have if
hiring a contractor!
 
 
|
The Best Time
to Inspect - Part 2
By Wally Conway
Amazing as it may seem, homes inspected prior to going on the market have two
very significant attributes:
1. They sell faster than homes not inspected until the buyer has made an offer.
2. They sell closer to the asking price than homes not inspected until the buyer
has made an offer.
Why the heck does that happen?
|
|
When the buyer makes an offer, there is an assumption made by the buyer,
reasonable or not, that there is nothing wrong with the home! If there was
something wrong with the home that the seller knew about, but did not disclose,
shame on them, it is about to cost them money. Most often, though, the items
that come up on the inspection by the buyer were unknown to the seller.
Sur-prise, sur-prise, sur-prise! And we've already established that surprise is
not good in real estate. So how is it that the inspection for the seller makes
the buyer pay more for the home and do it in less time? |
Let us create an example of a 20-year-old home that has a fair market value of
$100,000, just to make the math easy. That value assumes that nothing is wrong
with the home. When the buyer has the home inspected it is with the assumption
that anything discovered to be wrong will be corrected by the seller or a price
concession will be made.
Find a Home Inspector Contractor in Your Area
Now, let's consider that the buyers inspection revealed the need for a new roof,
several plumbing leaks, and the need for replacement of three exterior doors.
When these discoveries are made by the buyer's inspection, the clock is running
and running fast. These items need to be corrected before the sale can be
completed. This time crunch puts the seller at a disadvantage when dealing with
the contractors. When time is critical, you have fewer choices and the costs go
up. Additionally, the buyer often wants to have input on who does what work.
This situation is always tense and expensive. It can be avoided!
Let us now assume that the inspection result occurs, but it is for the seller as
the home goes onto the market. The seller is now in control. Armed with a clear
picture of what is wrong, the seller can choose to shop calmly for the best
value in repair contractors, offer a credit at closing or adjust the sales price
to reflect the diminished value. They can even make the necessary repairs, then
increase the price of the home to reflect the increased value!
No matter the choices made, the seller, on the seller's time frame, makes them.
This actually makes for a neater, simpler buying decision for the buyer. The
buyer knows better what condition the home is in and knows what issues to base
the initial offer on. The buyer will still in most cases get the home inspected,
but this is a breeze. It is rare that any additional items of significance
arise.
The pre-listing inspection puts deal killing at the lowest risk. Most often, it
makes for an awesome deal-closing tool!
Copyright © Florida HomePro, Inc. and Wallace J. Conway. All rights in all media
reserved.
ABOUT THE AUTHOR
Wally Conway is President of Florida HomePro Inspections, and is featured
regularly on HGTV's "House Detective". As a speaker, published author,
instructor, and host of The Happy Home Inspector radio show every Saturday at
5 PM on WOKV 690, Wally blends the right amount of up-to-date information with
just the right amount of humor, insight, motivation, and real-world
application. Visit http://www.wallyconway.com and http://www.gohomepro.com for
more information!
- Inspecting a Home -
[Back
to Home Inspections]
|
|
|
