Price Protection for the Savvy Seller
A recent associated press article reads "The states in which sales rose - Nevada, California, Arizona, Florida, Minnesota and Virginia - are places where buyers have been able to snap up foreclosed homes at a bargain. Sales more than doubled in Nevada, rose 85 percent in California, and nearly 43 percent in Arizona."
READ THAT ARTICLE HERE: http://news.moneycentral.msn.com/ticker/article.aspx?Feed=AP&Date=20090212&ID=9604626&Symbol=WFC
Home sellers are receiving offers but quickly discover that in this market buyers are asking for a lot of concessions along with price reductions before the close of escrow. They almost always use their home inspection report to pressure the seller to pay for repairs or accept less money for their home.
Savvy sellers prepare for this by having their property inspected prior to listing their home for sale. The pre-listing inspection greatly reduces and in most cases stops those types of renegotiations.
The pre-listing inspection provides the seller with accurate information about deficiencies and defects with the property giving them the opportunity to repair the defect ahead of time or just advertize it as the way the house is being sold.
For example, if the house has is in generally good condition but the roof is old, the seller can put on a new roof or simply tell the buyer right up front to be aware that this is the way the house is being sold and unless their home inspector finds something substantially different, there will be no renegotiations in escrow.
There's a huge advantage for a seller who knows what the buyer's inspector will find before the home inspection even happens. And it stops the inevitable attempts by a buyer to beat the seller down on the final sale price.
This is the perfect example of knowledge being power. The one with the knowledge has the power.
By John A. LaRocca