In this very hot real estate market, many advantages are leaning towards the seller, rather than the buyer. With limited inventory and demand far-exceeding supply, recent sellers of residential property seemingly have it easy. But there is a downside to the rising drive. Offers are being made with the intent to simply hold a property, while the buyer continues to look, using the home inspectionfindings as an excuse to back out of the contract without risking the loss of their earnest money.
Tina and Mark Hibbs experienced this problem, not just once but twice, during the recent sale of their home in Northern Colorado. “The first buyer used some very small issues to back out of her contract after we had taken our home had been off the market for 21 days. Another buyer, just a month later, did the same thing – citing what he called “health and safety issues” found during inspection. These supposed issues were easily fixable and we were willing to do so, but they simply dropped the contract. That told us that they had little interest in actually attaining the property but were just using our contract as a backup. We lost another 22 days on the market with that fallout,” explained Mark about his ordeal.
“If we had just taken the initiative to get apre-listing inspection, I believe that we could have avoided the frustrations and weeded out the less-serious buyers from the get-go,” added Tina.
As a tool, pre-listing inspections aide home sellers by protecting them in a variety of ways. First, an inspection, initiated by the seller, allows the homeowner to address any possible issues, eliminating them from being used as bargaining chips during the contract process. By having all repairs and defects handled before listing, your home becomes more attractive and therefore more sell-able. Disclosure about those problems that the seller doesn’t intend on fixing can also be listed, eliminating the risk of objection and possible contract dissolution.
Second, a completed home inspection report from a certified home inspector can help you to realistically set a listing price that makes sense. By making allowances for that outdated HVAC system, for example, you can avoid losing time and money negotiating during the contract period having priced your home with those allowances in mind.
Third, having that completed inspection available during showings, delivers a level of confidence in your property and may help sway potential buyers your way, increasing the chance of early, and possibly multiple, offers. When a buyer can understand that there are no major defects or problems, and allowances have been made for any minor ones, that buyer is much more likely to make a decision with which they feel comfortable