Thinking of selling your property? Have a Pre-Listing inspection done.
While many people assume that inspections are only completed by Purchasers under contract to buy a home, there are benefits to Sellers having an inspection done before listing the property for sale. The process of selling a home can be unnerving for Sellers because Purchasers are afforded certain inspection protections in the contract itself. Some Sellers do not know what results to expect when the Purchaser conducts inspections on the property, either because they have not lived at the property or are otherwise unaware of the condition of the home. Purchasers are often able to negotiate a lower purchase price because of the inspection results. Sometimes Purchasers are even able to cancel a transaction entirely based on the inspection results.
A certified home inspector is going to be looking at the home for anything that can rise to the level of a substantial defect. Some examples of common substantial defects include, but are not limited to:
- Roof in need of immediate replacement
- Presence of mold in the home
- Irregular cracks in the foundation not due to average settling of the home
- Presence of friable asbestos in the home
- Presence of a leaking oil tank in the home, or anywhere on the property
- Presence of a Federal Pacific electric panel
- Pest infestation
- Presence of radon gas exceeding the EPA action level of 4.0 pCi/L
Paying a certified home inspector to perform an inspection on the property before even listing it for sale can alleviate some of the Seller’s stress about the unknown. Having the results of the inspection in an easily referenced report can help a Seller determine asking price for the sale given the condition of the property, as well as determine priority of repairs needed in their home to get the home in saleable condition. If a Seller is unable to make needed repairs prior to listing the property for sale, that’s okay too. Sellers who are aware, or become aware, of any problems in or on their property may be obligated to disclose them to Purchasers according to disclosure laws. Providing the inspection report to a Purchaser will do that, and negotiating in good faith a sale price that reflects the condition of the home is naturally going to boost the Purchaser’s confidence in the Seller.
If you have any questions about pre-listing inspections or disclosure laws please contact us online or call us at 518.462.5601.