There are many benefits to having a property listed after a termite inspection. Which can be beneficial to both the buyer and the seller.
The benefits include:
- Shorter Contingency periods which could lead to expedited close of escrow.
- Helps with determining the price that the home should be placed at.
- Helps with knowing what repairs need to be done and how to go about the bidding process for the repairs.
Contingency Period for Inspections
A inspection contingency period occurs after an offer has been accepted and before the close of escrow. It is a agreed upon amount of time typically between 7-14 days and this allows buyers to have inspectors they choose evaluate the property and provide opinions that ultimately allow the buyers to make a decision on completing the purchase pending the physical state of the property.
Having the termite inspection done before the offer has been accepted will lead to an expedited close of escrow because the buyer will be informed on all aspects of the home. For the buyer this means they will be able to move into their house faster, and for the realtor this means that the sale will move faster. You can choose to have the repairs done in different ways specifically from a termite inspector such as North American Home Services, a handyman or contractor.
Bidding While Listing a Property
Bidding is important when listing a property because the bidding can potentially become an additional negotiation piece between the realtor and the buyer.
A bid is an educated guess by an inspector at what the cost of repair would be, then adding in profit from the job. After the work that was bid on is complete either from a handyman, contractor, or termite inspection company like North American Home Services a “clearance” needs to be given or a “notice of completion” from a termite inspector.
Depending on the price of repairs the realtor and the homebuyer will need to discuss the pricing of the house to determine if the buyer will pay for the repairs, or if the price can be negotiated to compensate for the repairs needed.
Remember to use an inspection company you trust. If you need more help with home inspections North American Home Inspections is here to help.