Our buyers typically have a professional inspection done during the option period. We get back a list of imperfections that we usually take care of completely. Some of the issues we know about beforehand, but just haven't finished our punch list yet. We generally list as soon as we are ready for photography, so we know we aren't completely finished yet.
I'm thinking about getting our professional own inspection done prior to listing, so we have a more comprehensive punch list, and offer our inspection report to the buyer, potentially eliminating their need to get their own. And also to have a more finished product to offer as we will get after the list as soon as we get our report back. Anyone doing this? Worthwhile?
Jon, it may help you with your punch list, but most contractors do their own, you should know the property better than a new guy walking in.
As to a buyer, that depends, are they your buyers? They might accept that.
But the issue is that inspection reports, appraisals or any material that may be used to justify or base a buying decision on really should not be coming from the one who benefits from such information.....the seller.
If a lender wants an inspection, one from you or paid by you will not be accepted, you have a vested interest in the outcome. Just like giving a job verification to a borrower to bring back later on.
The other issue is that if you give an inspection report and then something was missed, guess who is responsible......go ahead, guess....LOL
Make them get their own IF they want one is my suggestion. :)
Bill Gulley, General Real Estate Academy | https://generalrealestateacademy.com
I don't have my inspector come out, but I have my regular contractors give the property a quick review. When my plumber is installing new fixtures, I'll have him check the toilets, water heaters, etc. same thing with my electrician, Hvac guy, etc. we don't catch everything, but it gives me a lot of confidence when negotiating with buyers. Stuff that slips through is usually pretty small stuff.
Not worth it, it will be self serving. A buyer has their own standards, and might not trust the seller's evaluation. Just like when you are buying, you don't trust ARV given by the seller.
I've adopted a standard method for handling buyer's inspections.
If they come up with anything they would like fixed/changed I negotiate a reduction in price to cover it.
I learned that after I spend time and money addressing their concerns they can still bail based solely on their subjective view.
This way I don't have to worry about it, no re inspection is necessary, and the sale is it delayed.
A lot of the time the buyer won't even spend a dime on the inspection concerns.
Just like you don't have to spend the insurance company check on your slightly dented fender.
Jon, we constantly run into this. We have a specific 'Market Ready' checklist that includes an internal QC pass and sign off from our QC person, the builder, and the Realtor. We have hired independent inspectors as well that give us lists that we fix, but the buyer's inspector *always* comes up with a new list.
So we tried to hire that inspector for our next house. The same problem shows up again. I haven't found a way to have a buyer's inspection come up perfectly clean. The inspector always feels compelled to show they are earning their keep, so they are always going to find something.
We fix everything that is reasonable and offer price concessions for items that are more troublesome like we want this doorway 2 inches to the right, or we want this fixture moved.
In general I find that if I can get the builder talking directly to the buyer, everything goes much easier. The Realtors in general are poised to attack each other and prove their worth by pointing out everything the builder didn't do. We always want the buyers to be happy and will fix or adjust all reasonable requests. So if you can, get the builder to do a walk through with the buyer present. Every time we do this, tensions lower, everyone gets happy, and transactions close.
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