Why presale seller inspections save you money in the long run
Jan 23, 2024Marketwise column for the Bay Area News Group and its flagships The Mercury News and East Bay Times websites | Published: January 13, 2024
By Pat Kapowich
Question: As we prepare to sell the Bay Area home my parents lovingly built in 1963, I am still deciding about the haste of the process. My brother, the successor trustee, has chosen a seller’s agent from another county who surprisingly discourages presale inspections — advice opposed to your consistent guidance.
In our area, inspections are the norm. My brother’s excuse is: “Buyers do inspections,” but what about potential issues before they visit? His out-of-state residence further fuels my unease. Pat, I fear a hasty sale could lead to hidden defects, buyer dissatisfaction and potential lawsuits.
How can I persuade my brother and this agent to embrace caution and transparency by scheduling presale inspections before opening the doors? This would safeguard my parents’ legacy and ensure a positive outcome for everyone involved.
Answer: You can pay for the inspections. A frugal, out-of-state successor trustee will not. Full stop. It will be a significant return on your investment. When presale seller inspections are lacking, there will be fewer offers and a lower closing sales price. That is a truism. You could lose tens of thousands of dollars in inheritance if presale seller inspections are lacking. But it gets worse. You will have higher post-sale litigation exposure, which could result in a loss of net proceeds to attorneys and a legal settlement.
Speed often replaces caution in a seller’s market, diminishing consumer protection. Slow and steady is best. Remember that even if you offer to pay for presale seller inspections, your brother might not let you. If so, request that he view my YouTube video interview with a Silicon Valley real estate attorney about hot housing market issues. After viewing it, he will comply.
Questions? Or are you or someone you know navigating life’s transitions? Let lauded negotiator Pat Kapowich make your next move easy. Visit Kapowich’s website for free area housing data, insights and trends. Or put his artful blend of specialized credentials, decades of experience and endorsed skill set to work for you. Do not just make a move — make the safe move. Contact Pat today. Full-service Realtor Pat Kapowich, a career-long consumer-protection advocate, Certified Residential Real Estate Brokerage Manager, and Certified Trust and Probate Specialist
Office: 408-245-7700; [email protected]
