Preparation is the key element in successfully selling a home. The first and most important step in preparation is completion of a Home Inspection. Sellers often ask, “What should we do to make our home as attractive as possible?” We consistently answer , “Lets complete a Home Inspection. It is the best investment you can make.” Many sellers are a bit surprised by that answer, but here is why it is so important.
1. Proper preparation means no surprises. A Home Inspection can identify issues up front so they can be dealt with and accounted for in the pricing and marketing.
2. Better Offers. Having a Home Inspection available for a buyer prospect results in better and higher offers. So many times I have heard buyers comment “We like the home but we don’t know anything about its condition.” If they do make an offer without the inspection buyers usually hedge their bets and come in lower than they otherwise would.
3. Negotiation strength. If a seller chooses not to complete a Home Inspection he is at risk when negotiating with a buyer. Once the seller and buyer agree and enter a contract, the buyer completes a Home Inspection as part of their due diligence process. This can lead to a situation where the buyer knows more about the condition of the home than the seller. The buyer is now in a stronger negotiating position and may ask for price reductions if there are conditions apparent that were unknown to the seller.
4. Full disclosure. Completing a Home Inspection aids the seller in making a full and thorough disclosure. Real estate law requires a seller to disclose all material items concerning the condition of the home. Buyers also appreciate the seller’s good faith efforts to be forthcoming and helpful in making the disclosures.
The next time you attend an Open House, look for the Inspection Reports. This is a good initial sign that the seller is acting to make information available in a timely fashion.