Real Estate Information

Should Sellers Order a Pre-sale Home Inspection?


One of the main reasons home sale transactions fall apart is inspections. This happens when something unanticipated is discovered during the buyers' inspections of the property, and the buyers and sellers can't agree on a remedy.

For example, the sale of a four-year-old, multi-million dollar property in Northern San Diego County recently fell apart because of an inspection. A team of inspectors were brought in by the buyer to report on the property's condition. The roof inspector said that the roof needed $450,000 worth of work. Not surprisingly, the buyer immediately backed out of the deal.

The sellers are suing the roofer who inspected the roof. Other roofing experts agreed that the roof had some problems; it had been improperly installed. However, their repair estimates were all a fraction of the "deal-killing" bid. The judge might grant the sellers a judgment against the roof inspector. But, this will provide little satisfaction because the sellers are still searching for another buyer.

Would the sellers have been better off ordering a home inspection before they marketed their home for sale? Undoubtedly, they would have. (A home inspection is a comprehensive inspection of the home and all its major systems and components.) The seller's inspector would have called attention to problems with the roof. The sellers could have consulted roofers before marketing their home to get estimates for repairs. Then, they could have marketed the home, disclosing that the roof needed work, along with the repair estimates. Or, they could have had the repair work done before the house was listed for sale.

There's a lot of psychology involved in a home sale. Buyers who are aware of a problem up-front can process this information before making an offer. They can factor the cost into their bid, or ask the sellers to take care of the problem. Buyers often have mixed feelings of excitement and trepidation when they enter into an agreement to buy a home. The impact of an unexpected "bad" report can destroy their excitement and enhance their fear to the point that they want nothing to do with the property.

First-Time Tip: Sellers who decide that a pre-sale home inspection is the way to go should ask their agent for the names of several home inspectors who are well-known and respected in the local real estate community. Interview these inspectors until you find one who you think will give you a thorough and accurate inspection. For example, if you are selling an older home, use an inspector who has a lot of experience inspecting older homes.

Most states, except Texas, don't license home inspectors. Make sure that the inspector you use is a member of ASHI (American Society of Home Inspectors), or a similar trade organization. ASHI has strict membership criteria, based on experience. Your home inspector should be a licensed contractor, engineer, or architect.

One reason for using an inspector who has a good local reputation, and name recognition, is that you want the buyers, and their agent, to feel comfortable with your inspector. This will add credibility to your report. Your agent should make the report available to buyers to review before they make an offer.

Make sure that your home inspector will agree to return to the property with the buyers to review the inspection report with them. Also, encourage the buyers to have their own inspector look at the property.

For More Information on Selling your home quickly visithttp://www.webuyhouseshome.com Unlike other so called We Buy Houses websites, Rescue Real Estate gives you every available option for selling your home. Simply complete our short 1 page form, and get anonymous online access to our team of specially trained REALTORS®. Then, in as little as 48 hours, you will begin to receive offers to purchase your home from our nationwide network of real estate investors. Click Here to sell your home quickly and compare agents.


MORE RESOURCES:
More than 40 states signed onto a proposed $25-billion deal with major mortgage servicers over faulty foreclosure practices. New York, Nevada and Delaware joined California in holding out for better terms.

More than 40 states signed onto a proposed $25-billion settlement with major mortgage servicers over faulty foreclosure procedures, but California, New York and other key states were still not among them.



California has until Monday to share in a multi-state deal with banks to obtain mortgage relief and reforms. Atty. Gen. Kamala Harris, who walked away from talks last year, says the door remains open.

With a Monday deadline at hand, California officials have resumed direct talks with the Obama administration about joining a multibillion-dollar, multi-state mortgage settlement with the nation's largest banks, a source said Sunday.



The talk show host pays $12 million for the 4,088-square-foot house with four bedrooms and four bathrooms. The ocean-view home sits on 1.26 bluff-top acres with beach access.

In one of the more talked-about transactions in town, actors Brad Pitt and Angelina Jolie have sold their Malibu beach house to daytime host and comedian Ellen De Generes for $12 million.



The four-bedroom, five-bathroom house built in 1920 for industrialist James Wigmore lists for $2,875,000.

A decorative cast stone entrance opens to this restored Spanish Colonial Revival-style house in Pasadena's South Orange Grove area. Built in 1920 for industrialist James Wigmore, the house retains such original details as coffered wood ceilings and arched doorways.



They don't believe they can sell their property for what it's worth, so they're spending money on making their homes more comfortable.

Do you fit any of these descriptions?



A biennial research report by the National Assn. of Realtors indicates that a handful of real estate agents and brokers and their clients either don't know the law or don't care to follow it.

When it comes to lawsuits, real estate agents and brokers tangle mostly among themselves.



The president aims to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages.

 



The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.



The Standard & Poor's/Case-Shiller index of 20 large U.S. cities fell 1.3% in November from October as foreclosures continue to drag down the housing market.

Three straight months of home-price declines in the biggest U.S. cities showed that foreclosures remain a significant drag on a housing market that is entering its fifth year of deterioration.



L.A. Clipper Chris Paul may be quick down the court, but he moves pretty fast when it comes to buying multimillion-dollar real estate too.



home | site map
Realty Web Services © 2007 MesaSky Services