Bob Bracken's Bulletin Archive

Importance & Value of Pre-Listing Home Inspections

Real Estate markets change, & strategies used to market & sell properties must adjust & change as well. The hot Vancouver market of a couple of years ago - with high sales, low inventory, easy access to cheap mortgages, listings priced to create multiple offers & sale prices dramatically over list prices - is gone. Also mostly gone are unconditional offers where home inspections were done quickly in advance (if done at all), where Buyers often overlooked many deficiencies regarding property condition. Now, with a changing, more tentative market, buyers are more cautious - even skittish, & inspection reports carry much more weight in the buying decision. Property condition deficiencies are no longer ignored, & often are the basis for price re-negotiation, or offer termination. In this market, I strongly recommend a “pre-listing” home inspection be done by the Sellers in advance of their property going on the market. The cost for this is relatively low - usually less than $1,000 - & can provide great benefits in the marketing & sale/transaction process. A comprehensive report identifies condition issues with the property, which can allow the Seller & Agent to be forewarned & forearmed in dealing with them. Serious problems may be addressed & remedied (or at least quantified) in advance of showings, while minor problems can be dealt with quickly. The Agent may be able to disclose many of the condition issues to buyers, & this can eliminate “surprises” & perhaps blunt the consequences of another inspection report done during the Sale process. The Sellers’ inspection report can also balance a pejorative report done by a zealous home inspector acting for the Buyer, especially if that report causes the collapse of an offer, & potentially “stigmatize” a listing. Buyers & Sellers, both require more quality information & less uncertainty to proceed confidently in today’s market. A pre-listing home inspection is a quick and inexpensive method to help that along. Call Bob Bracken anytime to discuss this topic and real estate.

If you are looking to sell or buy real estate or wish to discuss further any topic on Real Estate, please contact Bob Bracken at 604-220-2035 cell, 604-263-2823 office, or bob@bobbracken.com email.

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