Well if you’re the seller, you may want to join the growing number of sellers who are opting to do prelisting inspections.
I know, many sellers would say,
“It’s the responsibility of the buyer to have the inspections done. I’m not doing that.”
While this is a true statement, the preinspection process could head off any potential after purchase and sales negotiations problems that may occur.
In Rhode Island, the buyer has 10 calendar days to perform any inspections they would like to have done after the signing of the purchase and sales agreement. Many times, especially in older homes, the inspector will have a list it items that need to be fixed in the home. Some may even be major structural issues.
In those crucial days following the inspection, can be grueling. Suddenly, buyers are demanding structural issues be addressed immediately or demanding radon systems be installed. Many times, buyers are asking for a reduction in the price of the home because the roof the seller honestly thought was only 10 years old is really 25 years old and is beginning to leak in the attic. At this point (after the purchase and sale has been signed), the pressure to keep the deal going can be overwhelming to everyone. Sellers may feel more pressure to fix these items or give a reduction in the price. Given more time, the seller would have more time to think about the options they have in getting the required work done.
With an FHA or VA loan, many items may come up in the appraisal that need to be fixed, like peeling paint or missing hand railings which may not come up in a normal inspection report. These items MUST be fixed or the loan cannot close. This leaves the seller scurrying around trying to find contractors and many times don’t get a chance to receive second opinions.
At the time of listing, I recommend my sellers to have a prelisting inspection by a licensed inspector. This way, any major issues can be fixed before the buyers even make their offers. Nothing makes your home stand out more in this market than having a rider on your for sale sign that says “This Home Has Been Inspected.”
For a list of Rhode Island Home Inspectors, just give me a call at 401-263-6913 (cell).
