One Step Sellers Can Not Overlook!
By Emilio DiSpirito
401-359-2338 - firstname.lastname@example.org - www.Calendly.com/emiliodiv ← Schedule Your Phone Call Here
The key to selling a home at the highest price is not what many think. It's all in the preparation and these are items that can not be overlooked! Over the next couple of emails, we will discuss how to prepare your home to get you the highest sales price.
Roughly 7 out of 10 buyers in Rhode Island use FHA, VA, USDA or Rhode Island Housing programs. These are low or no money down, Government-insured mortgage programs that actually require a separate inspection. If your home falls under the price range of roughly $100,000 to $460,000 (and more with VA), than this is one step we can not overlook! (If the home in question is over $460,000 jump to Part 2 below).
PART 1 of 2 What are these appraisers inspection for?
⇒Health and Saftey Items! Mold, Lead, Asbestos, etc.
⇒Peeling paint on the interior and exterior of homes and outbuildings
⇒Handrailings on stairways
⇒Working sewage systems
So often, homeowners will say "not my property" and turn a blind eye, when in many cases when an appraisal occurs, items need to be fixed which cause for costly delay and concern during the transaction. By preparing your home upfront and knowing exactly what you need to do to successfully sell your property to 70% of the market is a huge deal!!
Wait... there is more!!
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Part 2 Most all buyers do this!
Even conventional buyers financing over $460,000 will conduct home inspections. They will have 10 full business days (that is 2 full weeks!! And that extends if there is a holiday!) will test all applicable systems which may include but are not limited to:
⇒Structural (roof, foundation, walls, stairs, etc.)
⇒Mechanical (plumbing, heating, electrical, etc.)
⇒Septic / Cesspool / Sewage
⇒Well / Water Quality
Here is the kicker - Not only can a buyer have your home off of the market for 10 full business days, however, the average buyer asks for $3 for ever $1 worth of repairs in concessions! This is the area where most sellers take the biggest hit!! Why? Simply because the sellers were unaware of many of the items that came up in the report, so they did not disclose them!
So what am I getting at?
What we have found on the DiSpirito Team with our past 300+ seller clients who have done a pre-list home inspection, they have sold their homes at higher prices and faster in nearly all cases. Why? Its simple, you take costly objections and concerns away from buyers that would make them hesitate on making an offer and in addition to that, it allows us to have time to fix any "red flags" that would send buyers running to the hills that you as the homeowner were unaware of!! Whatever we don't/can't fix, we simply disclose upfront to the buyers and take the wind out of their sails for negotiating your sale price down later!!! Brillant right?!
Here is a quick video that explains how doing pre-list home inspections may increase the value of your home!
I'm sure you have some questions, so here are the most frequently asked:
Q: How much do pre-list home inspections cost?
A: Roughly between $500 and $1200 total (That is the wrong question though!! What you should be asking is - "By not doing pre-list home inspections, how much will it cost me later?"
Q: Which inspections should I do on my property?
A: 100% of homes should get the basic Mechanical/Structural/Pest inspection done. We do suggest to also get the radon test done as well. If there are concerns of lead (homes built before 1978 in many cases without replacement windows), you should inspect for that in addition if your property has a well and septic system you should also have those inspected as these are some of the largest concerns and objections buyers have with homes.
Q: Why would I want buyers to know everything that's wrong with my home? Isn't it better to get a high price first and deal with it later?
A: No. People have the internet. They are not cavemen. They will overanalyze all of the repairs and will ask for $3 for ever $1. Disclose, disclose, disclose!! We had one client last year that decided it was not for her.. The buyer came back with $14,000 in requests.. We could of avoided a good chunk of that cost by being upfront with the buyer.
Q: Will a pre-list inspection guarantee a return on investment?
A: There is no way to guarantee a return with this or calculate an exact return on investment, however, I can tell you from experience, our clients who do not do it, spend a lot more money later down the road and ultimately have sold for less.
Q: Is there an instance when a pre-list inspection won't work?
A: Yes. If your property has extensive repairs needed and will not qualify for FHA, VA, USDA or RI Housing. You should disclose everything you know is wrong with the property upfront and price it accordingly to the work that needs to be done in order to sell it at the highest price.
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