Friday, September 12, 2008
Top Agents' Thoughts on Home Inspections for Sellers
Top Agents' Thoughts on Home Inspections for Sellers
Santa Barbara CA
By Richard Grunder, Certified Building Inspector
In today’s buyers market with record numbers of properties in inventory a tough environment has developed for home sellers. Top agents are using the pre-inspection as a tool to establish the sale price, disclose the homes actual condition and speed up the escrow process once an offer has been accepted.
I like to say the price of a pre-inspection is much less than the first price reduction once the buyer brings in their inspector and reveals the homes actual condition.
Below are agents' thoughts on pre-inspections.
Larry MartinRE/MAX Santa Barbara
For all of my Listings, I always recommend that my clients do a home inspection. When getting a home inspection, we know in advance what the condition of the home is. There will be no surprises after escrow opens. Doesn’t it make sense to know the condition of what you are selling? Too many times I have seen escrows cancelled because of problems with the home. Usually the buyer wants a huge credit or the repairs completed before escrow closes. The seller is caught off guard since they did not know about the issue and usually aren’t willing to concede more money on an already lowered purchase price. Real estate transactions are all about negotiation. I want to get the best possible price for my seller so I need to know everything about the home. I want to have the upper hand from the start and knowledge is the key to that. With a home Inspection I will know everything that is right or wrong with the home and can advise my sellers about what to do before we go on the market. When we do get an offer, their agent can show the buyers the condition of the home before we open escrow. With everything on the table and out in the open, a successful sale will be possible.
Ruscha Robbins
Sotheby’s International Realty
Santa Barbara
I am a firm believer in a pre-inspection on a home before it goes on the market. Why? Well, as a Seller, you don’t want to be in escrow and then have a buyer’s home inspection reveal repairs and items of deferred maintenance that need attention. Sometimes these items telegraph neglect and can cause the Buyer to begin wondering, “What else don’t I know about this house? What other problems could there be?” Having found ‘issues’, the Buyer will likely want the seller to correct them.
Somehow even the smallest items can draw two otherwise happy parties into a maze of demands spelt out neatly on a Request for Repairs form. For example, a leaky sink suddenly seems to command a whole new sink installation and bad wiring to one outlet leads to the ‘need’ to rewire the whole house. Suddenly you are back in negotiations but with the added pressure of time limits and concern about loosing a Buyer. Who needs this stress? Not you the Seller.
Having found a willing Buyer for your home and having agreed to a price why leave anything to chance and give them cause to pursue another property on the market?
I can see no reason to not do a pre-inspection and a million good reasons to have it done.
The Brantingham Anderson Team
Coldwell Banker Premier Realty
Santa Maria
John & Sandy Brantingham & Carrie Lou Andersen
The Brantingham Andersen Team, always recommends Sellers have a professional home inspection, and make any indicated repairs on their homes, before listing it for sale. Having a Pre-Inspection on our listings differentiates them, in a crowded field of offerings, where the lowest price isn’t always the best deal! In today’s challenging Buyer’s market, with so many distressed “As Is,” bank owned properties being sold; buyers can often have a terrible surprise after closing. A home in provable great shape, or with its defects known and disclosed, offers a certainty comfortable to Buyers.
Our Family Team has been active in the Real Estate Professions since 1976. This is the third major Real Estate down turn we have worked through with our clients. Home inspections are a marketing tool, and insurance that protects both Seller’s and Buyer’s. We recommend them to both our Selling and Buying clients.
Sherry Lawson
Prudential California Realty
Montecito
An advance physical inspection helps Buyers look at your property from a different angle. Rather than loving your home and then wondering if there are hidden costs, over and above the purchase price because of various repairs needed, and deferred maintenance items, Buyers can approach the home informed and aware if there are any problems in advance. The Sellers/Homeowners can address the important issues as soon as they get the pre-inspection completed, so as to minimize renegotiations and maintain a stronger escrow. It also helps Sellers to be forward thinking, and may eliminate possible marketing delays. Pre-inspections can also include systems such as pools, spas, landscaping irrigation, and can help to alleviate other areas of potential concern. If a listing has been on the market a long time, a pre-inspected home can help a Seller stand out, reassure Buyers of the quality of their home, and potentially encourage an offer. Buyers usually have questions and they can feel comforted knowing many of their issues are disclosed in advance. I always recommend Buyers get their own physical inspections, even if a home has an advance inspection by the Seller. The Sellers' advance inspection provides a great guide to provide to the Buyers' physical inspector, to see if any additional problems have arisen and/or to advise if additional expert inspections are indicated, such as for geological, foundation, electrical or plumbing issues. If the home has a cleaner report in terms of its physical condition, this can help to support a higher sales price. I would be happy to answer any questions about this process. I am very dedicated, help guide my Buyers through the inspection process, and locate resources to enable them to evaluate the home they are purchasing thoroughly, and to help Sellers improve the homes they own, so they can best present their property for a beneficial sales price.
Kevin Keller
Keller Williams Realty
Santa Maria
In this market, when you want to sell your home quickly, it makes sense to be proactive about needed repairs. That way, no one is surprised during the escrow period by something that needs attention and has potential to cause the transaction to dissolve. I listed a house for some folks who had lived in their home for about 25 years. We decided to move forward with a pre-listing inspection and found that that their roof needed to be completely redone. My sellers decided to move ahead with a complete roof replacement prior to listing which vastly improved the overall look and value of the property. We listed their house for $10,000 more than we were originally planning. They got their deal. The new owners got a house with a new roof. And no other secrets were left hiding in the closet.
Mary Layman
Prudential California Realty
Santa Barbara
Why is a pre-inspection of property prior to escrow not only a good idea, but a necessity? I am not only a real estate professional, looking to provide for the best interests of my buyers and sellers, but I have a long history of buying and selling properties for my own portfolio—and I can tell you from experience that having a pre-inspection of the property accomplishes two very important things—it can save you money in the long run, and it avoids the very real risk of losing an otherwise strong buyer. If you wait until the escrow period, it shortens the time frame to respond and deal with any issues that arise on the property—and then decisions are made under pressure. If a buyer balks at the pre-inspection phase, no money has been lost. If a buyer walks during the escrow period, there is time lost, money lost, and the potential for less money from the next buyer.
Santa Barbara CA
By Richard Grunder, Certified Building Inspector
In today’s buyers market with record numbers of properties in inventory a tough environment has developed for home sellers. Top agents are using the pre-inspection as a tool to establish the sale price, disclose the homes actual condition and speed up the escrow process once an offer has been accepted.
I like to say the price of a pre-inspection is much less than the first price reduction once the buyer brings in their inspector and reveals the homes actual condition.
Below are agents' thoughts on pre-inspections.
Larry MartinRE/MAX Santa Barbara
For all of my Listings, I always recommend that my clients do a home inspection. When getting a home inspection, we know in advance what the condition of the home is. There will be no surprises after escrow opens. Doesn’t it make sense to know the condition of what you are selling? Too many times I have seen escrows cancelled because of problems with the home. Usually the buyer wants a huge credit or the repairs completed before escrow closes. The seller is caught off guard since they did not know about the issue and usually aren’t willing to concede more money on an already lowered purchase price. Real estate transactions are all about negotiation. I want to get the best possible price for my seller so I need to know everything about the home. I want to have the upper hand from the start and knowledge is the key to that. With a home Inspection I will know everything that is right or wrong with the home and can advise my sellers about what to do before we go on the market. When we do get an offer, their agent can show the buyers the condition of the home before we open escrow. With everything on the table and out in the open, a successful sale will be possible.
Ruscha Robbins
Sotheby’s International Realty
Santa Barbara
I am a firm believer in a pre-inspection on a home before it goes on the market. Why? Well, as a Seller, you don’t want to be in escrow and then have a buyer’s home inspection reveal repairs and items of deferred maintenance that need attention. Sometimes these items telegraph neglect and can cause the Buyer to begin wondering, “What else don’t I know about this house? What other problems could there be?” Having found ‘issues’, the Buyer will likely want the seller to correct them.
Somehow even the smallest items can draw two otherwise happy parties into a maze of demands spelt out neatly on a Request for Repairs form. For example, a leaky sink suddenly seems to command a whole new sink installation and bad wiring to one outlet leads to the ‘need’ to rewire the whole house. Suddenly you are back in negotiations but with the added pressure of time limits and concern about loosing a Buyer. Who needs this stress? Not you the Seller.
Having found a willing Buyer for your home and having agreed to a price why leave anything to chance and give them cause to pursue another property on the market?
I can see no reason to not do a pre-inspection and a million good reasons to have it done.
The Brantingham Anderson Team
Coldwell Banker Premier Realty
Santa Maria
John & Sandy Brantingham & Carrie Lou Andersen
The Brantingham Andersen Team, always recommends Sellers have a professional home inspection, and make any indicated repairs on their homes, before listing it for sale. Having a Pre-Inspection on our listings differentiates them, in a crowded field of offerings, where the lowest price isn’t always the best deal! In today’s challenging Buyer’s market, with so many distressed “As Is,” bank owned properties being sold; buyers can often have a terrible surprise after closing. A home in provable great shape, or with its defects known and disclosed, offers a certainty comfortable to Buyers.
Our Family Team has been active in the Real Estate Professions since 1976. This is the third major Real Estate down turn we have worked through with our clients. Home inspections are a marketing tool, and insurance that protects both Seller’s and Buyer’s. We recommend them to both our Selling and Buying clients.
Sherry Lawson
Prudential California Realty
Montecito
An advance physical inspection helps Buyers look at your property from a different angle. Rather than loving your home and then wondering if there are hidden costs, over and above the purchase price because of various repairs needed, and deferred maintenance items, Buyers can approach the home informed and aware if there are any problems in advance. The Sellers/Homeowners can address the important issues as soon as they get the pre-inspection completed, so as to minimize renegotiations and maintain a stronger escrow. It also helps Sellers to be forward thinking, and may eliminate possible marketing delays. Pre-inspections can also include systems such as pools, spas, landscaping irrigation, and can help to alleviate other areas of potential concern. If a listing has been on the market a long time, a pre-inspected home can help a Seller stand out, reassure Buyers of the quality of their home, and potentially encourage an offer. Buyers usually have questions and they can feel comforted knowing many of their issues are disclosed in advance. I always recommend Buyers get their own physical inspections, even if a home has an advance inspection by the Seller. The Sellers' advance inspection provides a great guide to provide to the Buyers' physical inspector, to see if any additional problems have arisen and/or to advise if additional expert inspections are indicated, such as for geological, foundation, electrical or plumbing issues. If the home has a cleaner report in terms of its physical condition, this can help to support a higher sales price. I would be happy to answer any questions about this process. I am very dedicated, help guide my Buyers through the inspection process, and locate resources to enable them to evaluate the home they are purchasing thoroughly, and to help Sellers improve the homes they own, so they can best present their property for a beneficial sales price.
Kevin Keller
Keller Williams Realty
Santa Maria
In this market, when you want to sell your home quickly, it makes sense to be proactive about needed repairs. That way, no one is surprised during the escrow period by something that needs attention and has potential to cause the transaction to dissolve. I listed a house for some folks who had lived in their home for about 25 years. We decided to move forward with a pre-listing inspection and found that that their roof needed to be completely redone. My sellers decided to move ahead with a complete roof replacement prior to listing which vastly improved the overall look and value of the property. We listed their house for $10,000 more than we were originally planning. They got their deal. The new owners got a house with a new roof. And no other secrets were left hiding in the closet.
Mary Layman
Prudential California Realty
Santa Barbara
Why is a pre-inspection of property prior to escrow not only a good idea, but a necessity? I am not only a real estate professional, looking to provide for the best interests of my buyers and sellers, but I have a long history of buying and selling properties for my own portfolio—and I can tell you from experience that having a pre-inspection of the property accomplishes two very important things—it can save you money in the long run, and it avoids the very real risk of losing an otherwise strong buyer. If you wait until the escrow period, it shortens the time frame to respond and deal with any issues that arise on the property—and then decisions are made under pressure. If a buyer balks at the pre-inspection phase, no money has been lost. If a buyer walks during the escrow period, there is time lost, money lost, and the potential for less money from the next buyer.
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