Ordinarily, a home inspection doesn’t take place until a property is in escrow and the buyer asks for one. But because costly repairs can often tank a home sale, home sellers are thinking ahead. Pre-home inspections are increasing in frequency as sellers realize they can cross the closing finish line faster if they produce a home inspection report along with their listing.
“With a home inspection, you will have a much better understanding of any flaws or damage your house has and can price accordingly,” according to a Redfin blog. “IF you decide not to fix the issues revealed during a pre-listing inspection, you can factor the repair costs into the asking price of the home.”
The pre-listing inspection can also be helpful to sellers that are trying to meet tight deadlines if they are in escrow on their own purchase as well.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.