PAM DENT

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Pre Listing Inspections for Sellers

A prelisting inspection can provide an advantage to Sellers. The process of selling a home can come with unwelcome surprises, and a prelisting home inspection can eliminate one of the most common Seller stresses.

The buyer contracts for the home with a provision for a professional home inspection. Their inspection could unearth things that the buyer didn’t expect or even anticipate. If it doesn’t trigger an action to terminate the contract, the buyer will inevitably ask the seller to make all or most of the repairs.

When presented with the buyer’s request, the seller may take the opposite position of not wanting to do any of the repairs. The buyer then must accept the property in its “as is” condition or negotiate a reduced price or credit with the seller in lieu of the repairs.

Any experienced agent can tell you that sometimes a mutually agreed negotiation is reached and other times, an impasse is met that cannot be resolved. Then the buyer elects to terminate the contract, and the house has to go back on the market. But this time the property may be stigmatized in the eyes of buyers. Importantly, deficiencies may be uncovered that require a disclosure that has to be made to all parties looking at the home and that may deter future showings and offers.

Taking a pro-active approach, by obtaining a pre-listing inspection, sellers can find out about things that will probably show up in a buyer’s inspection. The sellers can get the deficiencies repaired before the home is shown and it will help the buyer feel more confident with the home. Another option would be to disclose them as not working and make a price adjustment. Either way, the seller is in control and is taking a position of transparency with potential buyers.

In some cases, the pre-listing inspection may show things in working order that the buyer’s inspection indicates as needing repair. No two inspectors will find everything or see everything the same way. However, home inspectors are required to be licensed by the state and inspect accordingly. With two disinterested parties having opposing professional opinions, there is the basis for negotiations which will have a more likely chance for a mutual agreement.

Disclosing things that are not in working order can reduce liability in the future. The pre-listing inspection by a professional, combined with the seller disclosing major deficiencies properly, can reduce potential liability.

For the small investment in the pre-listing inspection, the benefits to the seller are well worth the expense. You and potential buyers will have a better idea of the condition of your property and know what to expect. You can present the property in a transparent way that will build confidence with the buyer. You’ll avoid unpleasant surprises as well as possible delays. Pre-listing inspections can lead to faster sales and satisfaction for everyone involved.

If you want to know more details about what happens with a home inspection, CLICK HERE.

 

Filed Under: Blog, Home selling tips, information for home owners, Information for homeowners, Information for sellers Tagged With: home inspection, home inspections

Should I Have A Home Inspection Before I List My Home For Sale?

Should I have a home inspection before I list my home for sale?

Home inspection.jpg

One of the anxiety highpoints during the sale of a home is waiting for the buyer’s home inspection report.  Most sellers willingly disclose what they know about their home to any potential buyers.  The concern stems from the inspector finding something that they’re totally unaware of and that it will either cost them a lot of money to correct or the buyer will simply use it to void the contract.

If the inspection does reveal some unknown problem with the home, it’s probably as big a surprise to the buyer who is not as emotionally or financially invested as the seller.  It is human nature to fear what you don’t understand and when a report identifies defects, they may simply opt-out of the home.

The solution to the situation may be for the seller to have the home inspected prior to putting it on the market.  There is still a risk of becoming surprised by an unknown defect which at that point, would have to be disclosed to potential buyers or repaired by the seller.  The advantage is that it creates a baseline to compare discrepancies that may arise when a future buyer has the home inspected.

If the seller’s inspection report is made available during the marketing process, it could give buyers a sense of confidence about the home even though they may still choose to have the home checked by their own inspector.

The cost of the inspection, possibly $500, keeps some sellers from taking this initiative when selling their home.  In an effort to minimize their expenses, they forego getting valuable, disinterested 3rd party advice that could help sell their home.  On a $175,000 home, the fee for the inspection will probably be less than 3/10 of one percent of the sales price.

Another option to the seller to increase marketability of the property and bolster buyer confidence in the home would be to offer a buyers home warranty.  Generally, the seller doesn’t incur cost for this coverage until the home is sold.  The benefit to the buyer is avoiding unanticipated expenses for specific items that are covered during their first year of ownership.  Another option for the seller is a seller’s home warranty which will cover the home during the listing period.  Under the seller’s home warranty many of the repair items found in the inspection report will be covered under the warranty which translates to less money out of pocket for the seller and a happier buyer since their list of requested repairs are being addressed.

Contact me for recommendations of home inspectors or home protection plans. 

Filed Under: Blog, Information for sellers Tagged With: home inspection, selling your home

Does “As Is” Mean I Can’t Have A Home Inspection?

Does “As Is” Mean I Can’t Have A Home Inspection?

Most foreclosures and short sales are sold “as is”.  Many homebuyers are confused as to what this means for them.  I am often asked whether this means that they won’t be allowed to have the home inspected.Charlottesville Foreclosure

You will be able to have a home inspection but it will be for informational purposes only.  This means that the seller will not perform any repairs if something shows up in the inspection.  However it is important for you to have the home inspected anyway so that you will know what problems you might have to deal with.   Also, I like to write into the offer that the contract will be contingent on a satisfactory home inspection.  That way if something is found that the buyers are not prepared to accept, they will have the opportunity to declare the contract null and void without penalty and their earnest money deposit will be returned.  Some banks have similar terms written into their addenda.

In addition the home inspector may find something that needs to be repaired that the lender such as FHA will not accept.  In this case the loan will not be approved unless the repair is performed by the seller before closing.  Sometimes the bank will agree to perform the repair, but other times they won’t and the contract will fall through.  Homes that will obviously need a lot of work are good candidates for FHA 203K loans, in which the cost of the repairs is rolled into the mortgage up to a specified amount.

When you are considering the purchase of a distressed property, a home inspection is especially important.  Remember the owners of these properties have been struggling for sometime to be able to hang on to their homes.  It was all that they could do to make the mortgage payments, and their was no extra money for repairs.   Routine maintenance has been deferred.  Even the rare foreclosure that appears to be in move in condition may have unseen issues.

There are some great deals on short sales and foreclosures in our area, email me if you would like a list of distressed property listings in any of the central Virginia areas.

Buying A Charlottesville Foreclosure Multiple Offers

Buying A Foreclosure In Charlottesville – How Much Should I Offer

Buying A Charlottesville Foreclosure

Copyright 2012 by Pam Dent, all rights reserved “Does “As Is” Mean I Can’t Have A Home Inspection?“

Filed Under: Blog, Foreclosures, Information for buyers Tagged With: buying a Charlottesville Foreclosure, Foreclosures, home inspection

Buying A Charlottesville Country Home – Do You Need A Home Inspection?

When you are buying a Charlottesville VA country home, it is always a good idea to get a home inspection.

House doctor

It is important for your investment to make sure as much as possible that you are buying a structurally sound home that is in good condition.  Even if you are buying a fixer upper in “as is” condition it is a good idea to know exactly what you are getting into; of course in that case your home inspection will be for informational purposes only.  In the case of some foreclosures, it is required that you perform any inspections that you desire befor submitting an offer.  In a normal sale the inspection will not be held until after the contract is ratified.

The inspector will examine the structural and mechanical systems of the home as well as the appliances allerting you to needed repairs.  Then ,except in the case of an as is sale, the purchaser and seller will have a time period in which to negotiate the repairs that the seller can perform or even renegotiate the purchase price.

I always attend the home inspection with my clients so that I can help them understand any questions that arise.  And together we can discuss what repairs they will request the seller to perform.  Thursday I will attend the home inspection as the representative of my out of state clients.

The cost of a home inspection is a small price to pay for peace of mind when you are buying your Charlottesville country home.  In some cases when acreage is involved there are additional elements I will check on behalf of my clients. You can see those HERE.

Filed Under: Blog, Information for buyers Tagged With: buying a Charlottesville VA country home, home inspection

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Contact Pam

Pam Dent
Phone: (434) 960-0161
Email: [email protected]
Gayle Harvey Real Estate Inc.
198 Spotnap Rd, #C-5,
Charlottesville, VA 22911


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