It wasn't too long ago that any house would sell in a short amount of time. It seemed as though you didn't even get the sign post in the ground and the house was sold. It was a Sellers Market and Sellers had all the power. Some lucky sellers even got more than list price.
Unfortunately for you the Seller, right now is a buyers market. The tide of negotiating power has shifted to the Buyers.
How can you equalize this?
The home inspection comes after there is an accepted offer. After all the long negotiation where you lowered your price more than you really wanted.
So all the negotiation is over right?
WRONG!!!!!
What happens when the inspector finds something. Something you had no idea about, or something that you have become so used to that you didn't pay it any attention. Now you are either going to have to take some MORE MONEY OFF THE PRICE or pay out of your pocket right now to get a contractor in to fix the item.
You just lost more control and more money OR the sale completely. Not good.
THE PROBLEM ?
You did not enter the negotiation with a complete understanding of the item you are selling. YOUR HOUSE.
Can you see how that hurts you? No? Not really?
Let me help you with that.
By doing a Pre-listing inspection you catch the things that will come back to bite you later in the process.
Here is an Example:
We do the inspection. I find the cord to the garbage disposal not attached to the disposal properly. A Safety issue. Now, say you or a friend of yours is capable of fixing this quite easily. Would you rather have them fix it for the mere pennies it would cost or have the Buyer dictate which Union scale Electrician you get to pay $200.00 to????
Need another Example?
A house I fixed and sold in Brookfield a while back.
To the normal person the roof looked ok. And it was ok. As you looked closer you could then see the tell tale signs of its age.
From the Home Inspector point of view, I would tell a client;
While this roof is still functional, you should budget to replace it sometime in the next 5 years as it is nearing the end of it's expected life.
"Mister Inspector, What would that roof cost to replace?" Asks the Buyer.
"Having that roof replaced by a qualified roofing company just out of the phone book would run about 6- 10,000 dollars." Says Mr. Inspector.
The buyer now is going to come back to YOU and ask for MORE money off the price.
I decided to have the roof replaced at my leisure, prior to listing the house. It was now not a rush job. It cost me $1,500 in materials and $2,000 in labor. (and two cases of beer and 4 thick Porter Haus steaks)
I SAVED about $5,500.00 and took the roof negotiation right off the Table!!!!
Do I have you thinking yet?
Another route I could have taken was to disclose the roof as being old and adjusting the price. No, not the $3,500 I spent. Now you get to negotiate with the buyer. He'll want a discount closer to the $6-10,000 because that is what he's being told.
From searching to writing the offer, through the price negotiation and into the various inspections, emotions typically start to run high. Now,on top of that, some of those idiot inspectors out there will scare your buyers with the way they present their findings.
One - is that buyers are able to digest, tolerate and negotiate one or two disclosed larger items that they feel are "wrong" with the house. Or a couple of small maintenance items.
Second - People don't like a long list of maintenance issues they have to do right away.
Third - Undisclosed, surprise big budget items tend to scare buyers.
Be sure to have your Realtor and/or your attorney explain how disclosure of property condition works in WI. My understanding is that it prohibits the buyers from coming back after the offer is accepted and trying to renegotiate something that has already been disclosed. It is when the UNKNOWN pops up that the heart ache sets in.
Ask your Realtor or your Attorney to fully explain the nuances of the Inspection Contingency and the "right to cure" and " no right to cure" clauses in the contract.