If you have ever purchased a lightly used car it is quite possible it was a certified pre-owned vehicle (“CPO”). The concept of a CPO started in in the early 1990s when luxury auto manufacturers used to send such vehicles to rental car companies or used car lots but then saw the benefit of selling them to consumers. Now virtually every manufacturer has some form of CPO program. Up until these programs it was very much a ‘buyer beware’ environment.
This has transfused transparency to the sale of these used vehicles because the manufacturer sets the inspection standards (i.e. 100 point inspection) that must be met for the extended warranty to apply and the likes of autotrader.ca and Kelley Blue Book contain the CPO programs for all the manufacturers, allowing consumers to compare their programs. This transparency in the program now provides consumers with peace of mind, it maximizes revenue for manufacturers from vehicles they have already sold and it creates brand loyalty – the thinking being that once you have bought a CPO you will come back for a new car if you can afford it and you had a great experience. Overall it has transformed the used vehicle buying experience from one of trepidation to trust.
Now think about when you have to sell your home. Traditionally part of that process involves the potential buyer having a home inspection carried out as a condition before being committed to purchase. So what you say, that’s how it goes! Well what about the following:
- The risk that there will be a last minute fall through or 11th hour re-negotiations, particularly on price.
- Unforeseen existing issues that leave you with very little time to address them.
- Over-inflated buyer expectations for the ‘fixes’ necessary and the cost thereof.
- Liability for non-disclosure of matters that were not apparent during the inspection but arise once the new owner is in possession .
That ‘buyer beware’ mentality is very much in play throughout the process!
Why not minimize these risks, alleviate your own stress and build trust by providing a transparent third party assessment of your home to the next owner. This will reduce buyer anxiety, promote a cleaner offer for your home and reduce the ‘buyer beware’ mentality.
Similar to the CPO concept introduced two decades ago the FCT Certified Re-Sale Home Inspection (“CRH”) is looking to transform the resale home selling/buying experience. The CRH is different from others in the market for a few key reasons:
First, a thorough home inspection will be carried out by AmeriSpec Inspection Services prior to you listing the home for sale. This will be provided to the buyer and if it happens to highlight any issues you will have had the opportunity to address those and provide proof of that when a buyer asks. Second, AmeriSpec Inspection Services are independent third party professionals, selected by FCT because they adhere to higher training and education requirements and carry errors and omissions coverage not generally seen on most inspections. (Depending on the jurisdiction, the minimum qualifications for home inspectors can vary greatly and many inspectors do not carry errors and omissions coverage.) Third, the inspection comes with an 18-month warranty (from the date of inspection) for unknown risks that could arise related to the roof, foundation, heating and air conditioning. This warranty covers you for issues that may arise until you sell and thereafter provides comfort for the new owner during their initial period of home ownership.
Do yourself and the buyer a favour and invest the time and money in FCT’s Certified Re-Sale Home Inspection – An inspection to rely on and warranty coverage to fall back on!