Home Inspections Not Just For Home Buyer
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HouseMasters Franchise- In today's real estate market, home inspections are utilized by almost 80 percent of all homebuyers. However, inspections are also becoming increasingly popular with sellers who feel that, by having their home inspected prior to listing, they're alerted to the repairs they'll need to make to help increase their homes' marketability. "For every $100 of repairs a home needs, a buyer is likely to try to negotiate about $200 off the asking price," says Kathleen Austin Kuhn, president and CEO of HouseMaster®, the oldest home inspection franchise system in the nation. "Seller inspections are becoming an important tool to help get the best possible price." Below, HouseMaster home inspection experts offer tips to make a seller savvy: · An inspection helps set a realistic selling price. The market analysis prepared by the real estate agent will help in determining a fair selling price for the home. However, such comparison doesn't usually reflect the true physical condition of the home and its systems. For example, if the house has been well maintained and upgraded over the years, a high listing price may be justified by the third-party inspection report, and not just based on the word of the owner/Realtor. · The listing price should reflect deficiencies. If a house has deficiencies, the price should be lower. The combination of a professional inspection report and a listing price that reflects the true condition of the house can help minimize any re-negotiation of the sales price and, possibly, even speed up the selling process. A buyer may be more apt to purchase a home that needs work if the price is adjusted for this, versus a home in great condition with an inflated price. · Disclosure is key. It has become a necessity to disclose, up front, any problems that buyers will most likely find out on their own or through their own inspection. Failure to disclose these items/defects can mean problems for the seller later on. By having their own inspection done, sellers will be alert to these issues - one's the buyer's home inspector will likely find anyway or those that will become apparent once the buyer moves in. The homeowner is perceived as having the most intimate knowledge of the home and can be held liable for misrepresenting its condition. In reality, the majority of homeowners know little about the absolute condition of the structural and mechanical systems in their homes, yet they are responsible for them for the sale.· Third party precautions. As more and more courts impose strict disclosure requirements on the sellers of residential properties, it is in the seller's best interest to share as much of this legal liability with a third party, such as the professional home inspector - whose business is disclosure. This affords sellers with an additional layer of legal protection, so make sure to hire an inspector that has training, credentials and the necessary insurances. · Make repairs before you sell. Sellers can turn lemons into lemonade with their own home inspection. For instance, if the roof needs major repairs or if the bathroom has an ongoing leak, any potential buyer is likely to negotiate the cost of these repairs off the listing price up front (HouseMaster experts say for every $100 of repairs needed, the buyer will look to negotiate $200 off the price). The seller could have saved half the profit by fixing the roof and any other items on their own, positioning re-caulked bathroom tiles and new roof shingles as new upgrades or improvements versus just a needed repair. Source HouseMasters |
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