A home inspection performed by a knowledgeable inspector can be one of the best pre-sale investments you make on a real estate transaction. The inspector's work benefits both the buyer and the seller, sometimes in similar ways, but often the inspection takes care of opposite sides of the same coin. If the seller orders the inspection, the cost of the process can be added to the asking price of the house. If the buyer demands the inspection, it is usually up to him to pay for the costs, so either way, the seller is not out the cost of the inspection.
However, the buyer benefits from the inspection as well. For example, if the inspection points out the necessity for major or minor repairs, the buyer can insist on correcting the problems prior to closing. If there are major issues which are pointed out during the inspection process, the buyer can adjust the purchase offer price by an amount that will incorporated the cost of the repairs.
The information gathered during a home inspection can be invaluable to the buyer. The location of shut off valves, pump switches, heating and cooling filters, and breaker panels are all information that will be found in a comprehensive home inspection. This information will make it easy for the buyer to locate such necessities quickly in an emergency. Sometimes valves and switches are located in unusual places, particularly in older houses. The inspection process identifies and maps such important items.
The buyer's home inspection limits surprises that can crop up during the initial period in a new home. Maybe there are shaky areas in some of the home systems that could easily fail early in the new ownership. Making use of a home buyer's inspection will let you know what the tentative areas are so that you can be prepared for the cost or surprise that may hit you. By knowing exactly where the problems lie, the buyer won't need to worry about 'what if's'. The buyer will know precisely where unexpected system failures are likely to show up.
By completing the buyer's inspection prior to making the finalizing the Offer to Purchase, the buyer will know which items in include as contingencies or special clauses in the sale agreement. The offer can focus on precisely the items that need to be covered. For example, if the roof is fine, as shown by the buyer's inspection, there will be no need to mention that in the sales agreement.
The home inspection done by the seller is also highly beneficial. By completing a seller's inspection, the seller knows precisely which repairs need to be made before listing the property for sale. There will not be the necessity of repairing or replacing a roof if the inspection shows it to be in good shape. If the chimney needs to be cleaned, that can be accomplished before placing the home on the market. If the furnace needs the pilot flame adjusted, that can be finished before the listing.
Conducting a Seller's Inspection will allow the property to be spruced up and made more attractive to the buyers. Things like chipped paint and rust stains on the basement floor will all be taken care of prior to the showing of your real estate. The buyer will only see that everything is clean and in good repair, demonstrating that the seller takes pride in the property and insures that everything is maintained properly.
From the seller's standpoint, if the Seller's Inspection has been completed and the results of the inspection show that the house has no significant issues that have not already been dealt with, there are unlikely to be as many contingency or special clauses in the Offer to Purchase. Typically, when a prospective buyers sees major items that have not yet been taken care of, he is suspicious that there may be other problems just under the surface so the Offer to Purchase will include contingency clauses about everything imaginable that could go wrong with the property. The purchaser can hardly be blamed for wanting to make sure that there won't be expensive repairs or renovations that will show up after closing.
The Seller's Inspection eliminates those repair hassles that can pop up at the last minute and delay the closing. Looking over the report and repairing each of the questionable areas identified in the home inspection will make the entire closing and sale process go much more smoothly. The repairs can be completed prior to the Offer to Purchase and even before the house is placed on the market.
Source: http://www.ArticlePros.com/author.php?Brian Jenkins
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