How to Protect Your Buyers with a Home Inspection in Multiple-Offer Scenarios
When you find yourself in a competitive multiple offer scenario and are looking to present a winning purchase offer, it may be tempting to remove any contingencies such as your buyers right to a home inspection because you feel it may deter the seller. Rather than incurring the risks associated with that, I am offering a couple strategies that have worked for some of our agent partners to maintain your clients right to perform a home inspection while still presenting an attractive and aggressive offer.
#1 Shorten Your Inspection Window
We work with multiple agents that have been successful having their offers accepted in competitive situations while maintaining the right to perform a home inspection all by shortening the inspection window. Presenting a 5-day, or even 3-day inspection window can be much less daunting for a seller when all other aspects of your offer are what they want to see. How do you do this?
- Maintain a strong working relationship with two 5-star inspection companies. They should know who you are, and you should be comfortable with their level of service. A good inspector understands the challenges you face in a multiple offer scenario and will be happy to be flexible with your needs.
- Communicate in advance and book your inspection as soon as your offer is accepted. If your inspector knows you are submitting a purchase offer and that you will need a quick-turn inspection in the next few days, they may be willing to hold a spot in their schedule for you. The ability to schedule your inspection online 24/7 is another service to look for. Purchase offers are presented and accepted at all hours of the day. Make sure your inspector can get the ball rolling no matter the time of day as soon as your offer is accepted.
- Work with an inspector that sends out the inspection report same day! With the inspection software and tools available today there really is no good reason why your inspector should not be able to get your report to you same day. If you are having to wait a day or more, it might be time to reevaluate inspectors.
#2 Perform A ‘Walk-n-Talk’ Inspection
For scenarios where it is impossible to request a full home inspection, and you’re certain any contingencies will be a deal breaker, we do offer agent partners the ability to schedule a Walk-n-Talk inspection. A Walk-n-Talk inspection is an abbreviated 90-minute inspection that is really focused on finding any MAJOR deficiencies within a home. There is no report associated with this type of inspection, so note taking and pictures are the responsibility of the buyer or agent. Again, this is not a substitute for the quality and thoroughness of a full home inspection and should only be used in the right situations. These inspections are typically performed during a second showing so the buyer can present a non-contingent offer with some degree of comfort knowing they are not purchasing a complete headache or money pit.
I hope this gives you a couple ideas to consider in competitive multiple-offer scenarios that will allow you to protect your clients with a home inspection and still present the winning offer! We’re here to help.
Due North Property Inspection is a full-service 5-star inspection company offering home inspections, radon testing, and sewer scope inspections to clients throughout the Twin Cities and central Minnesota.