Posted By: Brendan Marchant
Pillar To Post Professional Home inspection, (SE King county)
Ptphome.com/sekingcounty
Tags: Real Estate Marketing, Pillar To Post, Home Inspection,
Home sales are slowing?? You’re kidding, right? And really how can a Home Inspector help to close deals or speed the purchase or sale process. Don’t they always “kill deals”?
My answer: The Pre-Listing Inspection.
Two identical home’s on the same street, both built by the same builder 25 years ago.
Home #1 is listed the traditional method, seller finds agent and the agent lists and markets home etc… After 90 days on the market and five showings the home’s price is lowered; an offer is accepted contingent on inspection. The faithful home inspector is called and an inspection is performed. The buyer learns that the roof is nearing or past the end of it’s life expectancy, the furnace has never been serviced, the crawlspace is full of debris and rodents, and the siding is in need of paint.
What now? Does the buyer panic and walk? Re-negotiate repairs, or say all is well and continue with the process.
I feel that most buyers will use this as a time to re-negotiate, and why not? And if they are going to take the time to ask, go big or go home. So the list is created, and comes back requesting a new roof, new furnace and for all of the siding to be replaced with the highest quality, most up-to-date siding etc. The bomb has been dropped and now the seller feels that the only way they can salvage the deal is to do all that has been asked. Loosing tens of thousands of dollars, of which could have been profit.
This recently happened to a home inspection client of mine; they sold a home in
Home #2 is listed in a slightly different way. Seller finds a quality professional agent and the agent as part of their marketing, invites the seller to hire a quality well respected Home Inspector to perform a Pre-Listing Inspection. Through the course of the inspection, the inspector notes that he roof is nearing or past the end of its life, the furnace has never been serviced, the crawlspace is full of debris and rodents, and the siding is in need of paint. Now the seller is in control, they have the opportunity to make the choice, do they perform all of the required repairs, now taking the time to shop contractors, acquire bids and get quality professional repairs or do they disclose the information to the future buyers and do nothing. It is their choice. Dan Steward President of Pillar To Post Professional Home Inspection stated, “It’s cheaper to fix it than to negotiate the price down. It’s been suggested that for every 1$ of identifiable repairs the buyer would be looking for double that in price reduction”. The report now can be used as a selling feature of the home and a summary can be provided as well as a detailed list of repairs and receipts, all giving that buyer the warm and fuzzy’s.
The new buyer is very well informed, the home has new selling features and the sale can continue with limited concerns. The seller is not required to make huge discounts to the home because of home maintenance repairs and concerns and also can more effectively price the home.
Brendan Marchant is the owner of the Pillar To Post franchise located in SE King County Washington. More information on Brendan and Pillar To Post can be found at ptphome.com/sekingcounty
Additional links:
ABC’s channel 15 Phoenix New Ideas for sale
http://www.abc15.com/mediacenter/local.aspx?videoid=6614@knxv.dayport.com&navCatId=21
LA times article on Seller home inspection (Pre-Listing Inspection)
http://www.latimes.com/classified/realestate/printedition/la-re-inspect26aug26,1,4887911.story?ctrack=1&cset=true
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