TODAY’S REAL ESTATE MARKET HAS CREATED UNPRECEDENTED OPPORTUNITIES AS WELL AS SIGNIFICANT CHALLENGES. J&F INSPECTIONS, IS HERE TO HELP YOU NAVIGATE THESE INTERESTING TIMES!
Despite the downturn in the housing market, millions of homes will still be bought and sold. At a time when price negotiations have become more vigorous, many buyers and sellers neglect one important element that could cost them thousands of dollars: the home inspection.
Freddie LeDoux, Founder of J&F Inspections has spent nearly a decade trying to change a mindset.
"Approximately one quarter of all homebuyers fail to get a professional home inspection for their prospective home," says LeDoux. "An even smaller percentage of home sellers acquire a pre-listing inspection to help them better present their home in a competitive way." Years of witnessing costly and avoidable errors prompted LeDoux to believe that if people knew more about the home inspection process, they'd understand what it includes, why it is necessary, and how to make the most of it.
A professional home inspection can help buyers avoid buying someone else's problems, and for sellers the home inspection can help them eliminate potential defects that could turn off a prospective buyer.
A professional home inspector also educates and provides tips on proper home maintenance. Buyers or sellers are encouraged to attend the inspection. LeDoux adds, "J&F is specifically trained to communicate throughout the inspection, demonstrating how to operate many of the home's systems and discussing maintenance needs."
More than ever, buyers need to know what they are buying to reduce the possibility of making a very costly mistake. Sellers need to do what they can to make their home stand out from the others on the market. The average home inspection costs between $250-$550, but in almost any kind of real estate market, a home inspection is a wise investment. For more information about obtaining a professional Home Inspection, Click Here.
Many news reports point to the subprime lending mess as the cause for the housing slump. But home sellers should know that plenty of people with good credit are simply cautious buyers, which can keep sales down.
In most areas it's a buyer's market, so people can be picky. Most buyers in this market will try to re-negotiate based on the findings of their home inspection. If the seller is unwilling to make repairs or lower the price, they may walk away because they knew other properties are available.
SELLERS DO NOT HAVE TO STAND BY WITH THEIR FINGERS CROSSED TO SECURE A FAIR SALE.
"More and more home sellers are getting a pre-listing home inspection that helps identify potential deal-breaking issues before the house is listed on the market," LeDoux says. "This way, sellers can fix problems and worry less about a buyer walking away late in the deal process."
ACCORDING TO LEDOUX, THE FOLLOWING ARE "THE FEARSOME FOUR" WHEN IT COMES TO REAL ESTATE DEALS:
ROOFING CONCERNS: A new homeowner does not want the expense of roof replacement shortly after closing. Many sellers believe that if their roof is not presently leaking it is in acceptable condition. But an astute buyer knows that a worn roof needs to be replaced before it leaks.
ELECTRICAL PROBLEMS: Older panels are often undersized and might even pose a fire hazard. Although an upgrade is usually straightforward, the potential fire risk can be scary for prospective buyers.
STRUCTURAL ISSUES: Major structural issues are one of the least common defects found in homes, but when they do occur, they can be costly to repair, and can really stop a buyer in his tracks. Fortunately, there are often repair options that will make the sales process go smoother. But it will often require another inspection by a structural engineer or repair professional, and additional time, to determine what can be done.
SYNTHETIC STUCCO OR EXTERIOR INSULATION FINISH SYSTEMS (EIFS): Overall EIFS can be effective, economical alternatives to traditional stucco. Unfortunately improper installation can lead to trapped moisture behind the siding. This can cause structural damage and mold, and can cost tens of thousands of dollars to correct.
SELLERS LOSE SOME ADVANTAGE WHEN THEY ARE CAUGHT OFF GUARD BY ISSUES, EVEN MINOR ONES.
In a market where every edge counts, sellers can use tools like pre-listing home inspections and repair records to show that they are conscientious and have taken appropriate steps to sell responsibly and competitively.
PRICE NEGOTIATIONS ARE A PART OF MOST REAL ESTATE DEALS.
Sellers usually brace themselves as the buyer's home inspector combs through the house, but sellers do not need to feel powerless and anxious. Sellers are better positioned to fend off unrealistic price negotiations by getting a pre-listing home inspection first.
STAY AHEAD OF THE GAME
A pre-listing inspection allows the seller to stay a step ahead. There are three major benefits for the seller to get his or her own inspection:
1. Better preparation for a more efficient sale: You can choose to fix potential defects that could turn off a prospective buyer. So when you're ready to list your home it's in a highly marketable condition.
2. Positive impressions: The fact that you took the time to inspect your home and address defects in advance shows house hunters that you're serious about selling your home, trustworthy and conscientious.
3. Helps avoid last-minute deal breakers: Pre-listing inspections help reduce the probability of last-minute complications at closing. A defect discovered during a buyer's inspection can derail a deal at the last minute, after weeks have gone by.