After the application of a home loan, you will receive two documents, a loan estimate, and closing disclosure. On the surface, these documents are identical but they both serve slightly different purposes. Up Next: Expenses To Expect In The First Year Of Homeownership Here is what you need to know about the differences between these […]
Why Should You Get a Pre-Sale Inspection Before Selling Your Home?
You’ve decided to sell your home and have prepared your home for sale. However, you are unsure if you should get a pre-sale inspection as you believe there is nothing wrong with the home. After all, you did take good care of it.
Don’t be fooled by this line of thought. Even if you have taken care of your home and believe there are no problems, a pre-sale inspection will ensure that any potential problems are addressed. Pre-sale inspections usually take a few hours to complete depending on the size and age of the home.
Pre-Sale Inspections Help You Avoid Legal Claims
Many mortgage companies insist that you do a pre-sale inspection of your home before you put it on the market. If you sell your home and it has a critical problem that you didn’t inform the buyer of, legal action could be taken against you. Your real estate agent and inspector can be held liable as well, as they also would have known about the problem but didn’t disclose it.
Pre-Sale Inspections Builds Buyer Confidence
Honesty is the best policy. Buyers appreciate sellers who are upfront about any problems the home may have. Listing any problems found during the inspection will let buyers carefully consider their choices and if they are willing to take on a home in need of repairs. If they are, they can prepare themselves and their finances accordingly, especially if their Kansas City home loan can’t cover the expenses.
What if My Pre-Sale Inspection Gets Bad Results?
No home is perfect, but if your home gets a poor inspection result, you will understandably be worried that you won’t be able to sell it. Don’t worry! Not only will you avoid legal claims, but you will be able to discuss with the buyer how the problem will be fixed. Are they willing to deal with it themselves or prefer you to take care of it?
If a problem is found, the asking price of the home may change depending on the repairs needed. Inform your buyer of the change and explain the reasoning behind it.