Building Reports: Pre-sale Home Inspections Required?
Many homebuyers elect to have a building report done before they settle the deal on their new home. Some mortgage companies even require that a building report be done before lending the money for the home’s purchase. It’s actually a good idea for sellers to have a pre-sale home inspection done before selling their home.
Building reports are not required by law to be done by the seller but you’re already aware that an inspection will very likely be done on the behalf of the buyer. So why would you want to have one done before selling your home?
Having your own inspection done can help ensure that the sale of your home goes smoothly. The inspector will thoroughly check out your home and notify you of any problem areas. This in turn can assist you when it comes to staging your home to best advantage – you’ll know exactly what needs fixing!
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Reported problems can be repaired before your house goes on the market – in many cases inexpensively. And when the time comes that a potential buyer wants to have their own inspection done, you’re a further step ahead in the game.
A bad inspection can be a deal-breaker for potential buyers. It can give the impression of dishonesty on the seller’s part, even if the seller was genuinely unaware that problems existed. Some problems are difficult to detect without having an inspection done, but people often assume that if someone lives in a house they should know about any problems that come with it. This sort of misunderstanding could lead the buyer to back out.
If the buyer does indeed back out, you’ll have to put your house back on the market and start over again. Other potential buyers will wonder why the first deal fell through and may be concerned enough that they won’t want to take a risk on your home. Having a home inspection done and following through on its findings can help you (and me!) avoid all of these headaches.
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If problems are discovered during your inspection, you may not necessarily have to fix them. But you should tell your Agent, so that potential buyers can be notified. Failure to do so could result in a lawsuit by the buyers. And if it does, it could prove to be much more expensive than it would have been to fix the problem in the first place or reduce the price accordingly.
If you do find problems that you elect not to repair, then reducing the price of the home by the amount that it would take to fix the problem is customary. Being upfront about the problem areas and the price adjustment will work to your advantage. A home inspection is of great importance to a homebuyer. It should also be important to you – the seller. Knowing any problems that exist can help you avoid buyer cancellations and lawsuits. Make sure to also take the time to find out what the other 10 costly mistakes sellers make.