Buyers hire inspectors to check the condition of the house when they are serious about purchasing it. This gives them better bargaining power. It also gives them confidence about the condition of the house. The buyer’s inspector scrutinizes the house for every major/ minor defect.
Sellers also have the option of getting the house checked by an inspector prior to the buyer’s inspection or prior to going on the market. This is known as pre-inspection. The inspector carefully scrutinizes the house to check for any hidden faults which may not be obvious. He looks for leakage in roofs, water damage or improper grounding, wiring, plumbing, etc.
Benefits of pre-inspection to the seller:
1. It demonstrates a positive approach of the owner which helps in creating faith with the buyer.
2. The seller improves his negotiating power. When the property is inspected by the buyer and they find defects in the home, it puts the seller on the defense. The buyer may demand to lower the price of the property. The seller is caught unaware of these defects and may be pressured to make concessions.
3. It helps the seller in pricing. The seller is aware of any structural or other defects in their property. So, they have the option to either get it repaired or reduce the price of the property to account for the shortcoming(s).
4. It makes the position of the seller safer. If a pre-inspection is not carried out and the buyer discovers a major fault in the property when it is inspected, or after the sale, it could lead to a lawsuit.
5. Improves chances of sale. A house that has been pre-inspected has a better chance of selling as buyers are impressed by the condition of the house.
Once the seller knows about the problems in the house, they can decide what repairs will be made. For instance, sellers often prefer to take care of minor inexpensive repairs. When it comes to an expensive repair or renovation, the seller might avoid it. This is because they may not be able to recover the cost of major repairs in the sale.
While a pre-inspection may involve expenditure to be incurred by the seller, it is worth it.
