Originally Posted By: rpierson
This post was automatically imported from our archived forum.
|THE VALUE OF AN EARLY HOME INSPECTION
The benefits are legion and distinct, whether the report is prelisting or simply pre-escrow, and extend beyond the close of escrow.
BENEFITS TO THE SELLER
Although an early home inspection serves the best interests of all ? seller/buyer/agent/insurance company, the seller is especially well served. Such an inspection allows the seller to address deficiencies in a non-harried /non-hurried manner often at less expense. In fact a home inspection is the very first thing that a seller should seek. It allows him to batch repairs ? electrical, plumbing, drywall, etc. The process is less haphazard. The position of the seller is also immeasurably enhanced in any litigation that might subsequently develop, if he had obtained a prelisting home inspection.
BENEFITS TO THE BUYER
There are more homes in Palos Verdes Estates listing at over $2M than for less. Any prospective buyer interested in such a multimillion dollar purchase is well advised to be concerned about many items covered by a comprehensive home inspection, items such as the roof, the foundation, etc. An already available report not only helps allay these concerns but also shows good faith by the seller, even if the buyer retains his own inspector after escrow opens. There is less likelihood that the buyer is wasting his time.
The escrow period is also a fragile time. An already available report will help guarantee that unexpected problems don?t delay its closure. Such a report showing rectified deficiencies and no significant problems will help minimize the frequently encountered buyer?s remorse.
BENEFITS TO INSURANCE COMPANIES
Perhaps the greatest benefit, received by all parties ? sellers, buyers and agents, is in the area of litigation. It is less likely to occur. Emotional investment in the purchase of a lifetime later denied due to problems unearthed by a delayed home inspection can easily lead to arbitration or court. This may help discourage such litigation. Accordingly an early home inspection affords certain benefits to insurance companies. Their Errors and Omissions policy holders (brokers and agents) will be encouraged to foster this practice.
Brokers work hard earning their dollars from buyers. Listing property is a great deal easier, especially in this market. Why not encourage prospective selling clients to seek a prelisting inspection. If the above arguments in favor of this leave you cold, then consider that this piece of sound advice just might tilt the scales to selecting a broker in your favor.
Patrick Chambers, MD
Torrance Memorial Medical Center