The idea of a pre-listing inspection performed by a seller before putting a home on the market seems like a prudent thing to do. An article in the December 2014 issue of RIS Media Real Estate Magazine (Pages 46-47) recommends the idea as a way for sellers to get better offers for their properties than they might otherwise receive. The seller can fix minor things and can get estimates for bigger repairs and upgrades to help a buyer, and is better prepared to negotiate the transaction.
The article suggests that a seller is going to lose more on the purchase price
than some of the repairs disclosed by a pre-listing inspection might actually cost. The article's author suggests that a seller loses between $3,000 - $5,000 for every repair that would cost a $1,000 to make.
Just from looking around my own neighborhood, I see that there are repairs that need to be made by various people who have been long-time neighbors, but they seem to be oblivious to the condition of their property. Many sellers may be in the same position and not have a real good idea of what repairs and maintenance needs to be done to their properties that are fairly inexpensive and perhaps even cosmetic in nature, which if made would increase the value of their property. I think the same concept might even be a good idea for someone who is planning a refinance of their property. A refinance is obviously going to entail obtaining an appraisal so why not do the little stuff and cosmetic maintenance and repairs to increase the property's value when refinancing.
A home inspection is not an expensive proposition when compared to the loss the seller might suffer on the purchase price. The inspection, as suggested in the article, will also benefit the seller by alerting the seller to major repairs which may be best left for a buyer to perform. The seller can obtain estimates for these larger matters so that the seller is in a better position to negotiate the sale, and can share the estimates with the buyer to help them get started.
Finally, the seller is in a better position to make disclosures regarding the property's condition and can speak intelligently about various mechanical and other components of the property. The inspection will also be a great tool for the seller's real estate professional in preparing the listing and in dealing with potential buyers. This is an idea whose time has come and should be a recommendation that is made by all real estate professionals.
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