Wednesday, April 14, 2010

Real Estate Book: Question for Chapter 6-Pre-Sale Preparation

Q: My Realtor suggested that I have a pre-sale inspection before I even put my home on the market. I already know what needs to be repaired in my home and this seems like a waste of time. Doesn’t the buyer pay for their own inspection anyway?

A: The adage “knowledge is power” certainly applies to buying or selling real estate.

I always recommend a pro-active approach in selling real estate by obtaining as much information about the condition of the property prior to offering the property for sale.

This information will empower the seller and their agent to form a marketing and pricing strategy based on the condition of the property.
Sometimes it’s better for both the seller and buyer to agree upon an “as-is” sale with a price or credit concession from the seller in lieu of repairs to the property.
The pre-sale inspection reports provide both parties with the information needed to draft a purchase contract that meets the mutual needs of each party and can greatly reduce the need to renegotiate the contract for unexpected repairs that are discovered during the escrow period.