This article is from the March 2021 edition of Realtor Magazine. With such a competitive market wouldn’t you like to be prepared to sell quickly encase you found your dream home to move to. Contingency offers tend to fall by the way side in a competitive sellers market.
Typically, home sellers wait for a potential buyer to make an offer and then allow the buyer to pay for an inspection of the home before the transaction closes. But that could cause a lengthier closing process and negotiations over repair costs. As such, some home sellers are considering a pre-listing home inspection to try to resolve any potential hang-ups before they list that could hamper their closing. This can help many sellers who have tight deadlines to meet if they’re purchasing a new property themselves.
Home sellers who do a pre-listing inspection will have a home inspector review their home and suggest any repairs that may need to be made in advance.
Sellers who have a pre-listing inspection need to share the information with the buyers, typically on the disclosure form before they list that indicates their knowledge of any potential issues with the home. Sharing the full pre-listing inspection report with buyers will give more information about the home.
Buyers also may decide to waive the home inspection contingency in their offer. This is growing more commonplace, regardless of a pre-listing inspection.
Real estate professionals who suggest pre-listing inspections could help accelerate the transaction and avoid last-minute negotiations over repairs. Sellers will be on the hook for the cost of the inspection, which typically costs between $300 and $450, depending on the home’s size, age, and location.
