Pre-Listing Inspections help both the Sellers and Buyers
Most home inspections are purchased by buyers, but sellers can benefit from a pre-listing inspection as well. A pre-listing inspection provides sellers with honest and unbiased information about their property, allowing more control and timing over repairs and potentially strengthens their negotiating position. Additionally, this helps the seller and their agent to price the home more accurately by accounting for any uncorrected issues.
What is the difference between a pre-listing and a pre-purchase inspection?
The only differences are who the customer is and when the inspection is conducted. As the home is intended to be part of a real estate transaction, all the same TREC rules and SOPs apply. By conducting the inspection prior to putting the home on the market, now the seller is aware of the condition of the home and there are no surprises during the option period.
What is the fee for a pre-listing inspection?
The fee is the same as a pre-purchase inspection and varies with the size and age of the home.
What is the value to the seller to have a pre-listing inspection?
The pre-listing inspection allows the seller, and their agent, the opportunity to resolve the issues or have them accounted for in the listing price. The seller can then decide which issues should be corrected prior to listing and which should be accounted for in the pricing. Additionally, more upfront information will minimize the stress of listing and negotiating any potential issues. Homes that have had a pre-listing inspection completed will generally sell quicker and have fewer inspection-related issues to negotiate.
What is the value to the buyer to have a pre-listing inspection?
The purpose of an inspection is not to allow further price negotiations. It is to ensure the buyers know what they are buying in greater detail than provided during a 10 minute showing. By being provided the information in a pre-listing inspection, buyers are provided more facts to work with, and therefore their decision to purchase is made in a more deliberate manner. Additionally, the buyers can always have their own inspection completed if they want further clarity on some items or to verify the items were appropriately corrected. Remember, inspections are a snapshot in time and many things can happen to a home during the months the home is on the market or waiting to close.
What should be disclosed from the pre-listing inspection?
While this is more a question for the agents representing the seller, in our opinion the entire report should be shared. Our reports contain a vast amount of information about the home that would not be termed deficient and hence, not in need of repair. Buyers would greatly appreciate information such as the life expectancy of the roofing shingles, the location, age and capacities of the major appliances as well as where shut-offs or disconnects are located.