Pre-Sale Home Inspections
More and more estate agents are now advising property sellers to consider commissioning a pre-sale inspection report by a certified and independent home inspector – prior to putting the property on the market.
By commissioning and making available to prospective buyers an independent report on the condition of the property, the seller exceeds the requirements of the Property Practitioners Act 2019. This new law requires sellers to make a written and legal disclosure of all significant known defects.
Successful estate agents who excel at facilitating fruitful negotiations between buyer and seller recognise that to take the heat and emotion out of negotiations, all parties need access to as much relevant, factual information as possible.
A good home inspection report can play an important role in smoothing the negotiations and often achieving a satisfactory price for the property by:
Facilitating an atmosphere of trust and transparency between seller and buyer. This is especially powerful if the seller has taken the initiative and arranged for a professional home inspection report upfront.
Quantifying the realistic cost of repairing the defects documented in the home inspection report. International research indicates that home buyers tend to over-value the cost of repairs by a factor of 10. In other words if a visible defect would realistically cost R10 000 to repair, then the nervous buyer may typically lower his offer by R100 000.
A balanced home inspection report is an important tool for the estate agent and the seller to use in obtaining the best deal which is manifestly fair to both seller and buyers and which enhances the professional reputation of the agent..