Wednesday, May 15 2013
If you are readying your home for sale this spring or summer, one of my favorite tactics to set your property apart from other area listings is to order a pre-inspection. If you’re not familiar with the term, a pre-inspection is a less detailed, less expensive visual inspection designed to report major conditions certain to be noted in the final. Why add this extra expense? Won’t buyers ultimately get their own inspection?
Yes, they will. But the purpose is not to replace a final inspection — it’s to attract more offers and hasten a final sale by minimizing re-negotiation.
Picture yourself as a prospective buyer. Listings which headline the availability of a pre-inspection report automatically seem to be offered by someone who is proud of their property’s condition and unafraid of what the final inspection will reveal. To skittish prospective buyers, it serves to lessen the "fear of the unknown" that can make buyers hesitate before writing an offer. If there were a formula, it would look something like:
Eliminating objections = Attracting more offers
Pre-inspected listings let you document major conditions that have either been addressed or left for the future owner to remediate as he or she sees fit. By noting how your asking price includes precise dollar allowances for named conditions, you display openness and conviction in the basis for your pricing. Local listings written after a pre-inspection are a lot more likely minimize last-minute re-negotiation: if you have ever been asked at the last minute to knock off $20k from an accepted offer, you know the value of that.
It is worth noting that any serious defects that a pre-inspection identify must be disclosed, for better or for worse. But fear of a major discovery shouldn’t dissuade you: any major defect will certainly be discovered by the buyer’s inspector. The old saying applies: knowledge IS power. You also have the option to repair the defects and let the buyer know that repairs have already been made.
If you plan to add your own property to the local listings any time this year, my job is to see that it brings you top dollar. Contact me today to talk over the way we will get that done! You can reach me on my cell phone at 812-499-9234 or email Rolando@RolandoTrentini.com