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Benefits of Listing InspectionsIn today's high priced real estate market, a home inspection is all but inevitable. One of the top ten areas of litigation in California is the failure to disclose property defects and is the number one reason for lawsuits arising from a real estate transaction.Most sales contracts used today are only valid upon completion of certain inspections. This is known as the "inspection contingency" period. Buyers will typically insist that an inspector that they will hire perform a professional home inspection on the property before close of escrow. Waiting until after the buyer makes an offer on a property and then discovers undisclosed conditions can undermine trust between all parties involved. Even though the seller was unaware of such conditions, which is very often the case. This can create unnecessary tension between buyer, seller and agents, very often jeopardizing the sale. The home inspection report often becomes the wedge between parties; why not make the home inspection a positive part of the transaction. A professional thorough home inspection prior to marketing a property reduces seller's and brokers liability by providing supplemental disclosure of the property's condition. This approach can give the seller ample time to evaluate a condition, or correct it if so desired. A seller could save thousands of dollars by simply being able to obtain competitive cost estimates from contractors, rather than paying a higher cost of repair due to time constraints or offering a credit. Unknown conditions discovered by the buyer's inspector during the contingency period could cause delays in closing, often cost more to correct due to short time frames and/or reduce the price of the property more than necessary. Sales contracts usually specify repair/replacement of items must be made using materials of "comparable quality". By identifying necessary repairs before the buyer's inspection, a seller will have the option to save money by using less expensive materials or equipment for the repairs. A professional thorough "Listing Inspection" is just good business, and may promote a smoother transaction by putting potential buyers at ease, help reduce negotiating points, avoid frustrating delays and limit liability for all parties. |
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