Time is Money, Part 2

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Part 2 of 3: Home Inspections, when should the seller consider obtaining his/her own inspection?

For many sellers, the first time they find out about non-obvious and sometimes serious issues with their homes is when they receive a repair addendum from a buyer/buyer’s agent. If the issues are extensive, costs may become a barrier, for both the seller and the buyer, and there is a potential for transaction termination. When issues are material, the seller may have to remedy before another transaction is in place. Material items identified on a buyer’s repair addendum, even if not corrected and the transaction is terminated, must be disclosed to future buyers. At the very least, additional time may be required through contingency removal extensions or even waiting for another transaction.

Most of us are not professional home inspectors, and don’t climb on a ladder to check the roofing, or crawl under the house to see whether critters have moved in. And most of us may not even know when there are serious electrical issues, especially when lights and appliances function “as they should.” Sometimes sellers’ emotional attachments to their homes prevent them from seeing potential concerns.

When a seller has a home inspection in advance of listing the home, the relatively small cost may be a smart investment because the seller has the opportunity to correct material issues. He/she may also make the choice not to correct non-material issues, but instead offer a credit at closing. Knowledge is power, just as time is money.

Another benefit to having a home inspection prior to listing is the opportunity to market the home as “inspected and any repairs addressed” or “inspected and priced to sell as is.” This may help your listing to stand out from other listings. Time can be saved as buyers know from the marketing materials and disclosures what to expect.

If you’d like to discuss this or any other topic related to real estate in central Oregon, please call, email, or contact us through our website.

Bryce and Nola of The Jones Group @ Sunriver Realty strive to provide our clients and customers with current, relevant information. Our website contains a number of short, easy to read documents on a variety of topics. Go to www.Bend-SunriverHomes.com and click on the tab Local Resources. We also have contact information for vendors, including home inspectors.

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This information is deemed reliable but is not guaranteed by agent or brokerage and is subject to change.