Years ago I spoke to home sellers about considering a general inspection of their home prior to marketing, to afford more time to make needed repairs, avoid potentially derailing the sale, and to present a more purchase-ready home. This idea had limited success, as I had to add that overwhelmingly, buyers would still have their own inspections which would uncover more problems or call into question items that were deemed acceptable the first time around. Unfortunately, we have not reached the point where most buyers simply accept results of a previous inspection, partly because the seller paid for it, and did the inspector perform a "full" inspection. Additionally, buyer's agents may feel a bit of negligence if they recommend to their client to accept the existing inspection and something wrong is uncovered after they move in. Also know that once you are made aware of defects in your home, you are obligated to repair or disclose them to potential buyers.
Is it time to bring this option back to the forefront? As long as homes are selling briskly, as they have been the last few years, it is doubtful. There is not much need to add incentives to sell homes right now. However, once the market turns soft, and the buyer demand has weakened, it may be time to not only revisit this issue, but a host of others that can appeal to many buyers and set your home out in front of the competition.
Consider all of the processes a buyer and their agent completes in 4-6 weeks today to close on a home purchase: (1) Prepare and turn over earnest money; (2) Order, pay for and attend multiple inspections - which now typically include a full building, a termite, a gas, a sewer, a city code, and a radon - even more can be added; (3) Battle with the seller over inspection items and what they will fix; (4) Wait up to 2 weeks to receive and review condo or subdivision rules and regs; (5) Haggle over home protection plan details, order and get to closer for payment; (6) Apply for the mortgage and survive the processing/underwriting ordeal; (7) Deal with a potential low appraisal and renegotiating the sale price or possibly losing the sale; (8) Complete a successful title search and survey and work thru any problems; (9) Confirm no roadblocks obtaining homeowners insurance; (10) Verify repairs on inspection items have been completed satisfactorily; (11) Confirm home is not in a flood plain; (12) Request and review irrigation backflow certification from seller; (13) Confirm nothing more went wrong with house before closing on final walk-thru (14) Hope you don't lose your job or hurt your credit between loan commitment and closing, which can place you into default; (15) Cross your fingers that mortgage rates do not increase before you lock in, or closing is extended past the lock expiration; (16) Review all closing documents prior to signing, verifying loan details and closing charges are correct; (17) Arranging for utilities to begin in your name; (18) Collecting keys, codes and garage door openers. There are many other steps that happen in the midst of these main ones, but for sake of space I omitted.
If the seller were agreeable to having as many of these items as possible completed prior to going on the market, it could shrink the waiting time to move into the house tremendously! That equals less stress for both parties and less time for things to go awry. The loan process is the most difficult for the seller to control, but we can find lenders who emphasize quick and easy processing, and if a cash transaction, eliminates this headache entirely and truly opens the door to a very quick and easy closing. The seller must be willing and able to move out quickly, or ideally have it vacated.
Happy inspecting!
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