Inspect Your Foreclosure Property When You are Selling
Benefits of seller's foreclosure home inspection
Your buyer’s offer will be contingent upon professional home inspection. Your buyer’s home inspector will, very likely find some problems. Your potential buyer may decide to cancel the contract and not to buy your flipped foreclosure home after learning about such problems. Then, you have no deal. Alternatively, your potential buyer may ask you to:
- take care of such repairs and corrections or
- reduce your price or
- give a discount or credit at closing.
Your buyer and buyer’s agent will ask for a larger discount to be on the safe side. This means additional cost and/or possible delay due to last-minute repairs that need to be completed.
New trend: more sellers are having their homes inspected at the time of their listing
Seller inspection or pre-listing inspection is a little-known secret of homeowners who want to sell their homes faster. You may:
- prevent your deal from falling apart due to a problem that you learn only after buyer's home inspection;
- minimize any last-minute repair that may delay closing;
- avoid reducing your selling price.
Last-minute negotiations work in favor of the buyers in most cases. Don’t fall into this trap.
Sell your foreclosure home at top condition for higher price
Why wait until buyer’s inspector finds problems in your house? Have you own home inspection.
Further benefits of seller’s inspection
By having your own home inspection you can save time and money. You can:
- fix some simple problems yourself and save money;
- find a handyman or professional for a much lower cost; and
- get your own home inspector’s advice to make your property ready for buyer’s home inspection and speed up the process.
You may ask your home inspector to revise the inspection report after making the repairs and corrections. Then you may use your clean home inspection report as a marketing tool to give potential buyers a peace of mind and command a higher price.
Get ready for more value and peace of mind
You need to have professional home inspection at the time you put your home on the market. By preparing early, you can get help in identifying potential problems and reduce your liability. You also limit the room for negotiation by your potential buyer as you can bring your foreclosure home to current standards. Furthermore, you may even add value to your foreclosure property by evaluating the results of your own home inspection. Having a professional home inspection report in your hand will give you a leverage to concentrate on certain features of your home to command a higher price.
Again, you can do your own foreclosure home inspection by yourself, however, a third party inspection may give you more leverage.