Buying a Greater Wilmington home? Search all homes for sale
Over the year’s we’ve been advising most of our clients to get a pre-listing home inspection. However, we wanted to share a story with you today about a problem we recently had with this method. It will help to demonstrate that this inspection could be a double-edged sword based on your situation.
We had a family a few weeks ago who was preparing to sell. When we recommended they get a pre-listing inspection, they agreed and got it scheduled so that we could be proactive. Well, we ran into an issue. The problem was that they didn’t tell me they didn’t have the funds to fix some of the things that might come up.
Here’s what happened next. The home inspector came in and found a significant amount of structural damage that needs to be dealt with. It wasn’t anything earth-shattering, but it was enough that the sellers couldn’t get the funds to make the repairs.
When this happens, everything on the pre-inspection becomes a disclosure item, which we have to tell the buyers about up-front. We’ve gone from a proactive situation to putting the sellers behind the 8 ball.
If we would have not had the pre-inspection in this case, the items would have still come up on the buyer’s inspection. However, we could have negotiated those things out through accredited price or credited closing costs. The problems became a scar on the property because the seller didn’t have the money to fix it, so the home became an “as-is” property, and was sold at a discount.
When you’re thinking about a pre-listing inspection, remember that in most cases it’s a great idea, unless you don’t have the funds to fix potential repairs. You can save money with a pre-listing inspection, but only if you have some to spend in the first place.
If you have any questions for us, give us a call or send us an email. We look forward to hearing from you!
Here’s what happened next. The home inspector came in and found a significant amount of structural damage that needs to be dealt with. It wasn’t anything earth-shattering, but it was enough that the sellers couldn’t get the funds to make the repairs.
When this happens, everything on the pre-inspection becomes a disclosure item, which we have to tell the buyers about up-front. We’ve gone from a proactive situation to putting the sellers behind the 8 ball.
If we would have not had the pre-inspection in this case, the items would have still come up on the buyer’s inspection. However, we could have negotiated those things out through accredited price or credited closing costs. The problems became a scar on the property because the seller didn’t have the money to fix it, so the home became an “as-is” property, and was sold at a discount.
When you’re thinking about a pre-listing inspection, remember that in most cases it’s a great idea, unless you don’t have the funds to fix potential repairs. You can save money with a pre-listing inspection, but only if you have some to spend in the first place.
If you have any questions for us, give us a call or send us an email. We look forward to hearing from you!
Cool Blog have! I will just wanna say thanks 4 that. If u would to visit my website visit it now.Wilmington NC Real Estate | New homes for sale Wilmington NC
ReplyDelete