Why would it be important to actually get inspections done prior to actually listing your house on the market for sale?
In the RVA area, it’s typically customary for the buyers to pay for their inspections, but when would it be advantageous for a seller to actually do them prior to going active on the market? We don’t always recommend this, but here are some really good examples as to why having the inspections done prior to listing is helpful and advantageous for you as a seller.
It can end up saving you time and money. As a seller, you want to be aware of the condition of your home and the property. And we don’t want any unexpected costs to come up that you really weren’t aware of. We’ve seen termite inspections well over $50,000. Now imagine getting a termite bill for $50,000 and the only way the buyer will actually buy the home is if it’s fixed and paid for. And what if you’d already purchased and paid for another home and you needed that $50,000 to qualify for your next purchase. This would create a huge problem for you.
What about this? Let’s say you found out that the home that you were selling needed a new roof or an air conditioning unit and it had to be replaced. You could actually do a few things you could sell the home as is. You could disclose the issues, not sell at all, or you could take what needed to be done and fix it. The idea behind getting inspections done prior to actually going on the market is so that there are no unexpected surprises that could financially hurt you later. We want the seller to be aware of any additional expenses that could possibly arise from the sale of their home.
The inspections we recommend are the standard customary inspections that a buyer would normally do. We recommend a home inspection, a roof inspection and a termite inspection. And if you live on land, there’s other inspections we recommend as well. In most cases, you have the option to pay for these upfront, or when escrow closes. In regards to the home inspection and termite inspection, it’s actually helpful, but not mandatory, to make sure that all the health and safety issues are actually fixed as well as Section 1 termite work, which includes dry rot, leaks, and of course, termites. These are also very common requests buyers will have.
It helps the seller because they have much more assurance that what they will actually net is what they sought when they actually went into escrow. It gives them peace of mind that the buyer won’t ask for any unreasonable or outlandish repairs that really aren’t necessary. It also cuts down on inspection times. Having inspections done prior also protects the seller if they have a replacement property to purchase and need every single penny out of the sale to secure their close of escrow on their new purchase.
Also, the buyer is more confident that they are buying a sound home that is move-in ready condition. Also, if there is bank financing on the property, some loan programs require health and safety issues, as well as Section 1 termite work to be completed prior to going or closing escrow on the property. So with that being already completed, there’s further assurance that the loan will actually go through.
To wrap it up, sellers, buyers and lenders are more confident throughout the entire transaction that the home will actually close. It keeps everyone safe and sound during escrow and after close of escrow. And as always everyone, if you have further questions, let us know, reach out to us here at RedBrick Properties as we would love to help you. And make it a great home selling and buying day.