Who’s controlling the inspection process?

During the last segment we discussed some impact examples of a Seller’s Inspection process. In case you missed it, check it out here.

Here’s a real example of how controlling the inspection process effects everyone involved:

A buyer’s inspection was completed on a $160,000 home. ¾” separation gaps were observed along the foundation tuck point where the landscaping grade continuously directed water into the basement windows (which were not insulated and exposed). A broken downspout drainage extension in the same location was directing more water into the same area, causing mold to spread into the basement while penetrating the electrical wires for the control valve box.

Using the inspection report from Home Fax Inspections, the buyers negotiated $25,000 off the price, purchasing the home for $135,000. The buyers resolved the issue for less than $2,000 before taking possession of the home, 2 months later, saving them $23,000. 

Pretty good return on investment for the buyers who paid a $400 inspection price, wouldn’t you say?

Now as a seller or agent, you may be cringing. Why?

Not only did the seller lose out on $23,000 from the purchase price, since they could have made the same repairs for $2,000, but the time it took to close increased the sellers process by around 6 weeks. Since they were relocating, this increased their expense for temporary housing and travel, consumed enormous amounts of their time, and had no positive outcome for the seller who thought they were too busy, and wanted to save money, instead of having the same repairs completed themselves. 

If that was the end of the atrocity, it would be enough. But it wasn’t…

With a 3% commission, the buyer and seller agent each lost approximately $1,000 (or 25% of their total commission percentage) and invested hours, days, and weeks of additional time, potentially leading to the loss of additional sales or clients as a result.

Needless to say, a seller’s inspection would have saved enormous amounts of time, money, and hassle. Don’t wait until it’s too late to control the inspection process. Work smarter, not harder.

Agents, are your clients getting the most out of their home inspection?

A quality home inspection reaches beyond the scope of a one-day, one-report consultation. Many home buyers have a quality agent who understands and truly cares for their needs. These buyers are educated and informed along the way, leading them into home ownership with success and confidence.

Unfortunately though, some buyers do not come to ever fully understand the purpose of a home inspection, and sometimes not until it’s too late. Often times the lack of understanding is the result of an uninformed viewpoint that the home inspection is ‘just another check in the process.’ 

Every home inspection should be considered an investment into the purchase of a property. Although a meager sum of the typical home price, a quality inspection report serves, among many purposes, as a continuous reference point for the owner, short and long-term.

• Agents, do your buyers have the chance to sit down and review the inspection report with you? 
• Do you follow up with the inspector after a buyer has received an inspection?
• Do you offer the buyer an opportunity to clear any misunderstanding or clarify anything about the home that may be beyond the scope the inspection?
• Receive critical environmental records that may contribute to their well-being?
• Home maintenance tips, easy-to-understand graphs or presentations, or even an explanation of the inspector’s role in the home buying process?

The first step in maximizing the learning process for a buyer is having the right inspector.

So, are your client’s getting the most out of their home inspections?

Check out www.HomeFaxInspect.com and see how else Home Fax™ Inspections helps you look good and your client’s Know the Home Before You Buy™. Looking for additional real estate information services in the mean time? Check out Nationwide Home Fax™ and learn other ways to make informed home buying decisions today!