A Heads Up Move

A lot of thought and preparation goes into preparing a home for sale. First there is the hiring of a real estate professional, discussions about asking price, staging the home and showing it. Once you accept an offer you may think the deal is well on its way to being closed.

Unfortunately, that is not always the case. Almost all contracts contain contingencies, including one that allows the buyer to exit the agreement if faults with the home are discovered during the home inspection. That is why many sellers today start with their own assessment called a pre-sale home inspection.

The benefits are numerous. First, it gives the seller a full report on the condition of the home – for better or worse. Second, buyers are often comforted by a pre-sale inspection. It demonstrates your good-will to disclose pre-existing problems with the home. Finally, it can help expedite the sale of the property.

If significant problems are discovered during the pre-sale inspection, like a sagging support beam or asbestos in the basement, there are several options.

1. You can elect to fix it and build the cost into the asking price. (Be sure your agent highlights the improvements during the marketing phase.)

2. Secure several estimates for how much it would cost to make the upgrade or repair. During the sale of the home, the defect should be disclosed along with the estimates. When the time comes to negotiate, you could offer to pay for a portion of the expense or accept a lower offer to help cover the cost.

3. If you opt to do nothing and offer the home “as is,” the pre-sale inspection will help eliminate any unwelcome surprises that could derail the agreement. Both you and the buyer will know the good and the bad up front.

If you decide a pre-sale inspection is a good idea, hire a home inspector with a good reputation in your area. It will help make your report more credible.