Pre-Listing Home Inspections
Have you ever sold your home and then waited anxiously while the buyer conducts a pre-sale building inspection? It can be very nerve racking. The success of the sale is in the hands of some inspector who is mandated to uncover all of the little warts you may have overlooked all these years. You haven’t been inside your attic in 20 years and you have no idea if the inspector will find something that could put your sale in jeopardy.
Pyrite, Mould, Aluminum Wiring, Asbestos, Foundation Cracks….The list goes on and on. The typical Beaconsfield home is now over 50+ years old and very few homeowners are aware of problems that are not apparent to the untrained eye.
After 15 years in the trenches we have seen plenty of deals go south following a buyer’s inspection, so we decided there had to be a better way.
We had to find a way of avoiding the dreaded $10,000 price reduction request or even worse, having the entire sale fall apart when a nervous buyer walks away from the deal.
Our solution was to recommend that our sellers do their own building inspection before we list the house. The typical response we used to get went something like this:
"Why would I do that? That’s the buyer’s responsibility. I know my house has no issues."
The fact remains that buyers will often take advantage of inspection issues to renegotiate the price. Inspectors are extremely thorough and the stakes are higher these days with home prices continuing to soar. The last thing a buyer wants is to take on deferred maintenance that should have been looked after by the homeowner.
When defects are uncovered at the inspection, and trust us they will always find something, buyers will either want those items repaired or they ask for a price reduction to cover the cost of the repairs plus the time and energy involved in getting the work done. Those numbers can get over inflated very quickly. In a worst case scenario, the buyer will just walk away from the deal and the home goes back on the market. This makes it much harder to sell as everyone will assume there is something wrong with the home.
This is every seller’s worst nightmare.
By doing an inspection before listing, you avoid unpleasant surprises. You can tackle repairs on your terms and buyers will be happier to make an offer knowing what they’re getting into. You are also declaring any repair or maintenance issues up front, which makes renegotiating your sale price a pretty tough sell.
In addition, if you’ve provided a detailed report from a reputable inspector and you’re lucky enough to get multiple offers, there is a good chance that competing buyers will remove the inspection condition from their offer. It’s a smart move that has saved many of our clients thousands of dollars, not to mention the stress and headaches that go along with it.
Shelley and Michel sold their home with us last year on St. Andrew in Beaconsfield South. Here is what Shelley had to say about our pre-listing inspection advice.
"One of the best pieces of advice you guys gave us."
If you’re thinking of putting your home on the market, we would suggest tackling any repairs and known maintenance issues and then getting an inspector in to see if there are any other problems you weren’t aware of. We have yet to come across a home that didn’t have at least some issues to address.
For advice on how to properly prepare your home to sell for top dollar - while avoiding the dreaded "inspection day" blues - reach out to us for a private, no obligation consultation.