I am fully aware that it’s a seller's market, and that many buyers are waving home inspections in order to purchase a house. So why would I be suggesting a pre-listing home inspection? Doesn’t that mean that the seller would have to disclose that information? Well, yes. But that’s actually a really good thing.
Homebuyers are taking big risks when waving home inspections. But desperate times call for desperate measures. With rental prices and mortgage rates going up, it’ll get worse before it gets better. So the risk is worth it for a lot of folks. But by knowing they're going into a home purchase blindly, most smart homebuyers are setting aside $20-$30,000 for potential repairs. They have to. They don’t know if they’re going to need a new roof, new siding, fix the foundation, replace the furnace, or upgrade the electric. These are all big-ticket items, and rarely is it just one of these alone. Without a home inspection, there’s no knowing.
So, to be safe, a homebuyer has to calculate into their budget the cost of potential repairs. Now, if all of the defects and safety concerns of a house (and no house is without them) are fully disclosed, then a seller can price their house accordingly, and homebuyers can make fully informed offers on a house, without having to set aside “risk money”. This means more money for the seller.
In addition, this “full disclosure” can protect a home seller and/or their agent from possible litigation. Buyers who are forced into a deal without knowing what they’re getting into can lead to buyer’s remorse. Someone will be blamed. And even if lawsuits are settled amicably (one can hope!), a pre-listing home inspection can help a seller avoid legal fees, time spent, and the hassle that goes with it.
And sure, many homes are being sold well above the asking price, but even still, you could be selling yourself short. We’re talking about eliminating risks, eliminating price negotiations, and eliminating undervaluing your home. It makes the buyer happy because there’s no guessing. It makes the realtors happy because they get larger commissions. And it makes the insurance companies happy. And, a buyer can purchase a home without fear of what’s under the hood. It’s a win-win-win-win.
Sure, there are a lot of articles out there about how a pre-listing home inspection is beneficial because you can make repairs before putting your home on the market. You don’t have to! Bottom line is that a home inspection truly will give you the opportunity to get the most money for your house.