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Negotiation, Home Selling, Home Buying

The Importance of Transparency to Home Buyers

Some sellers may wonder, "Why would I want to post my home's inspection online? What if my home is not in perfect condition? Won't buyers be turned off?"

The truth is, finding out after you're under contract that a home needs repair is far worse for sellers. Buyers can use any issue found in the inspection to renegotiate the price or even walk away from the deal. This means your home will appear "pending inspection" on the MLS and then get relisted. When future buyers see that status change, they will know there may be a deal breaker inside the inspection report.

Offering a licensed, independent home inspection upfront to all buyers is one reason why the Faira process works so well. It protects sellers from downstream renegotiations and it also gives buyers confidence: they make their offer knowing the home's condition.

For example, when a buyer knows the home's foundation has a crack, his/her offer can reflect that. Perhaps it matters to one buyer who is not willing to do any work on the home but another buyer loves the home so much, they don't mind making necessary repairs. All buyers are aware of the problem and can make their best offer based on how much they want the home.

In competitive markets like Seattle and San Francisco, offering a home inspection to all buyers creates great efficiency. In the conventional process, a hot home may attract several buyers who all order a pre-inspection. At $500-1000 a piece, that is a lot of wasted money since only one buyer will win the home.

Faira has sold hundreds of homes by giving buyers more information upfront. Both our buyers and sellers appreciate this big change in the process.

Want to learn more? Give us a call at 1-800-571-FAIR and we'll be happy to answer your questions.

 

 

Katrina Wisner

Written by Katrina Wisner

Katrina is the Director of Marketing at Faira.

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