How Pre-Listing Inspections Benefit Sellers
Did you know the home inspection is where most sales fall apart? If you’re thinking about putting your house on the market with Judy McLellan and the Crye-Leike Realtors, having it inspected beforehand can be surprisingly beneficial. While the benefits of having a home inspection done from a buyers perspective are quite obvious, a pre-listing inspection not only streamlines the sales process and gives you a heads-up on any issues, but it can also help you gain the trust of any potential buyers (along with their agents!) Let’s take a look at how pre-listing inspections can benefit sellers.
What is a pre-listing inspection?
A pre-listing inspection is essentially the same as a regular home buyer’s inspection, you just have it completed on your own home before listing it for sale. This will allow you to gain a clearer picture about the state of your house, including any problems with the potential to derail a sale. You’ll have the chance to address major issues, get ahead of any necessary repairs, and may even be able to use the information as you price your home. Let’s take a closer look at how a pre-listing inspection can lead to a smoother and less stressful selling experience!
You don’t have to rush to get things done
Having an inspection done before listing eliminates a lot of the stress that typically surrounds selling a home. A buyer’s inspection means meeting the requirements of the sales agreement before the closing takes place. Failure to do could lead to the sale falling through. With a pre-listing inspection, you’ll know about any potential problems in advance, so you won’t be caught unaware further into the sales process. This allows you to address them and get any necessary work done on your own time and budget.
Price your home correctly
Setting a sales price for your home is one of the most important parts of the selling process. It’s all about finding the sweet spot—a price too high can keep buyers away, while a low price will impact how much money you make. It can be difficult to place accurate value on your home, however, without knowing all the ins and outs of it. A home inspection will give you a much better understanding of both the positive and negative aspects, allowing you to set the price accordingly.
Sell your home faster
No one wants to buy a home with a lot of hidden issues! A buyer who knows you’ve already had your home inspected and completed any repairs will feel much more comfortable making an offer. With a pre-listing inspection in place, you’re demonstrating from the start that your house is in great condition and worth the asking price. If there are any remaining issues, you can be upfront about them and be clear that the asking price reflects your knowledge of those issues. This improves a buyer’s confidence, builds trust with them and their agent, and can actually speed up the sales process.
Avoid painful renegotiating
If a buyer’s home inspection uncovers any serious issues with your home, their original offer may be thrown out the window. It can be incredibly disheartening to see the deal you were counting on begin to crumble, and salvaging it may lead to renegotiating that ultimately costs you valuable time and money. A pre-listing inspection can help you avoid this kind of upsetting situation by preparing you ahead of time for any likely issues.
Keep the record straight
Buyers are looking for the best deal, and as we mentioned above, they will often use home inspections as a point of renegotiation. For example, a home inspector may say the roof of a home has five years left in it but the buyer will claim a new roof is needed! Having your own inspection in hand means you can compare notes in real time, giving you a better grasp on what is truly important to the buyer and a tool for renegotiating if it comes to that.
Is there any disadvantage to having a pre-listing inspection?
While there are no real disadvantages to a pre-sale home inspection, it is important to be aware of the disclosure laws in your state. Tennessee law requires that property owners disclose any “known material defects that may exist on the property” to future buyers. This means providing a written list of any known defects that may exist prior to entering into a purchase and sale agreement. Homeowners who are not aware a defect exists are exempt; actual knowledge is all that is required.
A pre-listing inspection will make you aware of any issues, which you will then be legally required to disclose to any potential buyer. Even if you aren’t able to complete any major repairs, you’ll still be responsible for disclosing them. Remember—honesty is always the best policy when selling a home, even if it means losing out on the price you hoped to negotiate. The benefits of a seller-initiated inspection initiated by a seller still outweigh any possible negatives!
Get outstanding results with Judy McLellan and the Crye-Leike Realtors
Working with a team of expert real estate agents will help you list your home correctly, find the right buyer, and ensure you get the best price possible. A pre-listing inspection makes this process easier for everyone involved! When we know the exact state of your house, we’ll be able to compare it to similar homes that have sold in your area, leading to a more accurate listing price. An inspection also makes it easier to attract buyers, since any repairs or issues will be noted upfront. This helps when it comes to any negotiations, as the true state of your home will already be known to both you and the buyer.
While there’s no rule that sellers need to have an inspection before listing their home for sale, it’s advantageous for many reasons. Have you been thinking about selling your Collierville, Germantown, or Memphis home? Would you like to learn more about pre-listing inspections, and how they can benefit you as a seller? Our team would love to hear from you! With a pre-listing home inspection and the knowledge Judy McLellan and the Crye-Leike Realtors bring to the table, you can expect smooth sailing in your home selling experience!