Pre-marketing inspections are so important to do for a couple of key reasons. First, knowing the true condition of your home before going on the market will help make you aware of issues that you can either repair beforehand or disclose to a prospective buyer before he/she writes an offer on your home.
Secondly, depending on what the issues are (believe me, every home has at least some issues) and how much buyer interest is in your home could mean a buyer may be willing to accept these issues and not include a physical inspection contingency clause in their offer. What does this mean? Without a physical inspection contingency as part of the contract, the buyer may be less likely to request the seller make specific repairs during the escrow period.
Conversely, by not doing pre-inspections, a seller could likely receive an offer with a physical inspection contingency. This contingency gives the buyer the option of conducting his/her own property inspections. If the buyer’s inspections indicate issues that need to be addressed, the buyer may ask the seller to pay for the necessary repairs. If the seller refuses, the buyer has the right to cancel the contract and get his/her deposit back with no penalties. When this happens to the seller, it means “BOM” or back on the market.
The psychology of the home sale is, once the seller accepts the offer, the buyer may initially be elated, but then could have a pang of buyer’s remorse. If the seller has previously provided the buyer with the inspection reports before the offer was written, this remorse may not become terminal.
By getting inspections done before going on the market, the seller’s chances of getting an offer without a physical inspection contingency may be more likely to occur. This is because the buyer will feel more confident he/she knows the true condition of the home, resulting in a successful close of escrow sale
How Important Is It To Do Property Inspections Before Marketing My Home?
