• The Value of Vendor Inspections

    25 Sep, 2015 | 178 views

    When a home is offered for sale, it is common for any prospective buyer to want a building inspection performed prior to making an offer. This makes good sense for the buyer, and can benefit the seller as well but can also cause concerns depending on the inspection results. Specifically, when the buyer is the first to uncover a problem with the home, it creates uncertainty and apprehension. The buyer can feel as though the defect was purposely being withheld by the seller.

    One way to alleviate this is for the seller to initiate an inspection prior to offering the home for sale. Hence the advent of the Vendor Inspections or Pre-Listing Inspection. A vendor inspection is a means to avoid the negative impact on the buyer from having discovered a building defect in a buyer-initiated building inspection.

    The seller puts himself in control of the process with foreknowledge of the home’s condition. This offers the option of either making the necessary repairs or adjusting the listing price to account for those needed repairs. The buyer then can feel more confident in the seller, and can negotiate with a full understanding of whatever issues there may be with the home. Also, a pre-listing inspection that turns up no defects provides a powerful marketing tool that the seller can use to justify the asking price, reduce the haggling and expedite the sale of the house.

    By placing himself in control of the inspection process, the seller can choose the inspector and set the appointment himself. Additionally, the advance notice gained from the inspection of any defects allows the seller time to make the necessary corrections prior to listing the home.

    Real estate agents benefit from the pre-listing inspection in several ways also. The results of an inspection encourage the seller to be objective and set a listing price that is realistic relative to the condition of the home. Buyer’s remorse is alleviated by the information provided by an unbiased third-party inspector. When repairs are done in advance, the home is more appealing to prospective buyers. The agent doesn’t need to chase after repair services to make last-minute fixes.

    Finally, the buyer is also a beneficiary of the vendor inspection. Since the seller has already requested an inspection, the buyer need not schedule one, and saves the cost of hiring an inspector. The repairs will already be made, or the buyer will at least be made aware of any outstanding repairs prior to making an offer.

    The benefits to all parties of the vendor inspection make it a valuable tool in expediting the sale of a home. A qualified licensed building inspector can provide an impartial third-party appraisal of a home. The inspection report provides detailed information about the building structure that can be used to make repairs and set a reasonable listing price.

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