Home Inspections aren’t just for home buyers anymore. In the last several years we have witnessed a dramatic increase in the number of Home Inspections being conducted for home sellers. In 2011, 22% of all inspections performed at Carson Dunlop were Seller’s Home Inspections. In 2012, that number jumped to 27%. During busy months for real estate, like the spring and fall markets, anywhere from 20% to 40% of inspections completed are for sellers.
Having a Home Inspection completed when selling your home is not just a fad, it is becoming a more standard part of the real estate process. In fact, in The Globe and Mail’s column “Ask A Real Estate Expert”, Ricky Chada, Broker with Royal LePage, asserts, “Prudent listing brokers will get a home inspection done prior to listing a home…This is becoming a more common practice in today’s market…”*
With the fall market continuing to heat up, and July’s and August’s unprecedented sales numbers, we felt it may be helpful to look at the benefits of Seller's Home Inspections, as they are likely something most will encounter.
Seller’s Home Inspections are advantageous for both sellers and buyers. They help in many areas of the real estate process, including:
- Multiple offer situations
- Efficiency and timing
When a seller has an inspection performed prior to the sale of their home, it has the potential to eliminate the buyer’s need for an inspection. This is ideal in multiple offer scenarios as buyers want to feel comfortable with, and informed about, the home they are buying, but recognize that with heavy competition, having an inspection of their own isn’t always possible. Although some feel that a seller’s inspection report can be biased, there are simple ways to assuage that concern: have a walkthrough with the seller’s inspector and ensure the seller has worked with a reputable company.
Buyers being able to waive the Home Inspection clause means sales can move forward more quickly. While opting out of a Home Inspection altogether is not wise, and can put a buyer at risk, a Seller’s Home Inspection means the necessary due diligence has been performed, and all parties can feel comfortable proceeding.
Seller’s Home Inspections mitigate risk not only for buyers but also for sellers. According to real estate lawyer and columnist Mark Weisleder, “…sellers should take steps to properly investigate any damage that occurs before closing and complete any necessary repairs. I also recommend that this be disclosed to any buyer so that they can satisfy themselves that the repairs were done correctly. By doing so, you avoid the time, costs and aggravation of unnecessary lawsuits after closing.”**
Weisleder explains, “The standard agreement of purchase and sale says that the seller is responsible for the property until closing. If any substantial damage occurs before closing, then the buyer has the option of taking the insurance money and closing, or refusing to close.”**
Carson Dunlop Home Seller's Inspections help the seller, and subsequently the buyer, to make informed decisions with respect to the property. The electronic report is a comprehensive analysis of over 400 items in the home, and includes photos and technical illustrations to ensure clarity on all issues. There are also marketing materials available to further help with the sale of the home and provide a more aesthetically pleasing breakdown of the property to potential buyers. To view a full description of what is included in a Carson Dunlop Home Seller's Inspection please click here or call 800-268-7070.