A pre-market inspection is the same as a regular home buyer inspection, except that the seller inspects their home before listing it for sale. Sellers often do this to prevent potential repairs and to make their homes more attractive. A pre-listing inspection is a step sellers can take to help their homes sell faster and gain the confidence of potential buyers and their agents.
The inspection is like any other home inspection. The home inspector checks every component and system of the home to ensure it is working correctly and there are no serious issues. During a real estate transaction, only the buyer usually receives a home inspection by a home inspector, and it is becoming more common for the seller to conduct an assessment. Performing a pre-market inspection may seem unnecessary to some, but there are many reasons why sellers are advised to do so. Here are 7 reasons why homeowners should start doing pre-market inspections.
#1 Know Your Home
Typically, when homeowners decide to sell their home, they have owned the property for a few years and know if any issues can or cannot be fixed if they sell the house. These issues are usually exposed to potential buyers during their viewings and are not a problem.
However, when buyers do their inspections, they may discover that the home has many issues that the homeowner needs to be made aware of. Buyers can back out of the sale or ask the seller to fix them before the deal closes.
This happens often and is big reason sellers start doing their inspections. If they knew about the problems in advance, they could have them fixed before listing or adjust the home’s asking price accordingly.
Pre-market inspections reduce the likelihood of a buyer discovering hidden defects and walking away from the deal.
#2 Prioritize Repairs
If the home inspector finds defects during the pre-inspection, the seller must decide whether to make repairs. If the seller chooses to remedy the defect, he has freedom of choice.
Sometimes, when a buyer’s inspector finds these defects, they want their contractor to fix the house at the seller’s expense. This often results in contractors being hired at a higher price than they should be, and their preference is what the buyer wants, but only sometimes necessary.
Pre-market inspections can save sellers money by specifying different contractors, materials, and time frames based on their preferences.
Receipts can also be used when listing a home once repairs are done to justify the price of the house when negotiating with buyers.
#3 Put Buyers at Ease
If the home inspector finds no major defects during the pre-listing inspection, the buyer can consider the assessment sufficient for them and forego their own inspection.
This not only saves buyers money but also time. Buying or selling a home can be lengthy, and anything that can speed up the process is beneficial to both parties.
Mentioning in a home ad that a home has been inspected can also make a home more attractive to buyers over those who haven’t. While buyers still have the option to examine themselves, they can compare theirs to the sellers. This gives them a complete peace of mind when buying a property and means they don’t offer any over-the-counter prices when negotiating prices.
#4 Compare Results
Getting a pre-market inspection from a trusted inspector is an excellent benefit for sellers because they can compare results.
This means that if the buyer also decides to do a home inspection themselves and comes back with significantly more defects than the seller, you can compare the two inspection reports.
The seller can have their inspector come back and look at the defects the buyer’s inspector found to see if they missed them or if the inspector was dishonest. While this is uncommon, it can save the seller negotiation costs if the defect is less severe than described in the buyer’s report.
#5 Creditability and Trust
This is one of the main reasons sellers start undergoing pre-listing inspections and building relationships with potential buyers. The best way to sell your home quickly and efficiently is to have buyers trust you and your agent.
A house is a considerable investment and one of the most important and expensive things people buy. That’s why buying a home is a long and well-thought-out process for most buyers.
Anything a seller does to earn buyers’ trust has an advantage over sellers who don’t because buyers want to feel confident in their decision to buy your home in Colorado or anywhere.
#6 Increased Competitiveness
Many homeowners may choose not to undergo a pre-market home inspection, and if your home is one of the few on the market, your bid will be more competitive with buyers.
Buyers want a safe and secure home, and a pre-market inspection can ensure that. It also means they may not need to carry out checks themselves, which saves time and money and is attractive to buyers.
#7 Easy Work for Your Agent
Selling a home is a lot of work for an agent, and while a good agent doesn’t have to sell a home, a pre-market inspection can make their job easier. That’s because they have to be responsible for pricing the house, finding the perfect buyer, and making sure you sell it for what you paid.
A pre-market inspection can help agents ensure a home is priced correctly and can sell the fact that it has been inspected. If you want to ensure you’ve done everything you can to sell your home quickly and efficiently – and at a great price – a pre-market inspection is a great way to do that.
While potential buyers may still choose to inspect it themselves, the cost of a pre-market inspection is still worth the small fee you pay. Not only does it give you peace of mind, it also allows you to build relationships with buyers and even gives you an edge over other sellers before your home hits the market.