Home sellers are urged to utilize home inspections prior to listing their homes. Professional inspections can discover unknown conditions allowing sellers an opportunity to perform desired repairs before placing the property on the market. A professional “listing inspection” is just good business, it may facilitate a smoother transaction by putting potential buyers at ease, reducing negotiating points, and bypassing annoying delays.
||Smooths out Transaction|
||Enables “As is” Sale|
||Supplements TDS, Transfer Disclosure Statement|
||Minimize 11th Hour Negotiations|
Smooths out Transaction
Reduces some of the stress in an emotional transaction. Listing inspections allow time to determine practical repairs or replacements. Seller feels secure fulfilling the TDS with an independent 3rd party supplement (Listing Inspection). Buyer anticipates any repairs prior to offer, is more informed and confident to make a better offer. Contingencies can be shorten or removed.
Fix, “As-is”, Adjust
The listing inspection report is not intended to be a complete repair list for the home. Sellers are not obligated to repair conditions noted in the report, nor are they required to produce a flawless house. With a home inspection, potential repair items already known by both parties are subject to any negotiations. A home seller can make repairs as a matter of choice, not obligation; to foster good will or to facilitate the sale. Sellers maintain the legal right to refuse repair demands, except where requirements are set forth by state law, local ordinance, or the real estate purchase contract.
Home Seller Disclosure Obligations
Sellers have a legal obligation to disclose the conditions of the property to prospective buyers, which is often accomplished through use of a “Transfer Disclosure Statement.” While the listing inspection report cannot be used as a substitute for that disclosure, it does allow the seller to provide prospective buyers with additional information, based on an unbiased, third-party, professional inspection.
Minimize 11th Hour Negotiations
You are on a “home stretch” in escrow; contingencies being removed one-by-one. A home inspection stands before you. Home inspection evaluates and inspects primary functional components of a home; roof, foundation, structure, electrical, plumbing, & HVAC. Any discovered problems in these areas could mean costly repairs. To initiate this process with tight time constraints, has been a detriment to the process of buying a home and to some extent maligned the home inspection process as being the “deal killer”.
A Listing Inspection greatly minimizes the possibility of these significant discoveries. There is no functional distinction between a Listing inspection and standard home inspection. Both inspections adhere to CREIA’s Standards of Practice and require full liability insurance.
Lowers Liability for Everyone
Seller offers a supplement listing inspection with their TDS will provide a more complete disclosure. This greatly reduces sellers and Listing agent liability of any subsequent defects. Listing agent demonstrates “due diligence” through escrow. Buyer has more time to evaluate the Listing inspection, TDS and their own personal evaluation. Buyer has more time to bring in other resources to verify, get more estimates. Buyer can now make a better more informed decision. Buyer’s Agent has a more informed buyer of the condition of the property. Contigencies can be more manageable, shorten and/or removed.
Seller – The seller is secure in taking the steps to maximizing its marketing efforts in a competitive Buyer’s market. Better informed buyer and buyer agents will submit a more informed offer. Sell with confidence, time to evaluate any repair(s) prior to escrow, supplements TDS, smoother transaction, shorter contingencies & minimizes 11th hour negotiations.
- Sell with Confidence
- Competitive edge with other listings without an inspection
- Minimize 11th hour Negotiations
- Time to evaluate any repairs
- Smoother transaction
- Less Stress
- Lower Risk & Liability
Buyer – More information to make a better offer, more time to consider repairs, investigate alternatives, get competitive bids, not chasing down costs estimates 11th hour, lower risk….
- Better informed information to submit an offer
- More time to evaluate repairs
- Minimize having to renegotiate for credit or repairs
- Lowers liability
Listing Agent – Better disclosure, more control of transaction, lower risk & liability….
- Sell with Confidence
- Better Disclosure
- More control of Transaction
- Lower Risk & Liability
Buyer’s Agent – Buyer is better informed, minimizes negotiations, improve contingencies by removing or shortening timeframes…
- Can review prior to submitting offer
- More informed client(buyer)
- Minimizes Negotiations
- Contingencies timeframes can be shortened
- Reduced risk & liability