What is a Certified Pre-owned Home?
Selling homes as Certified Pre-Owned has been a practice used here and there in the US and Canada. We’re seeing it for the first time now in Park City. I’m always interested in providing added value to my clients. So once I identified it as a great marketing tool for certain properties, I registered the name Park City Certified Pre-Owned Homes®.
Pre-certification will increase your home’s marketability, and is likely to increase the sale price and help keep your selling expenses in check. Similar to a certified pre-owned auto, a Certified Pre-Owned Home® is one that has gone through a pre-listing inspection, with any necessary repairs to the home being completed. Additionally the home is sold with a One-year Home Warranty that transfers to the buyer. Certified Pre-owned Homes gain a competitive edge. Knowing that the property has already been inspected and is covered by a comprehensive home warranty gives Buyers greater confidence.
Purchasing a home is often the largest investment one makes in life, and certainly one of the most important. Despite how things may appear frequently there are material defects in properties that can go unnoticed, making home inspections an important part of the purchasing process.
How does it work?
1. We order a Pre-listing home inspection by a qualified home inspector.
2. We review the inspection report with Seller and identify the repairs that should be made.
3. We schedule repair work and make sure it is seen through to completion.
4. We order a one-year home warranty which also covers the Seller during the listing period.
5. We put the home on the market with a big launch effort.
A Certified Pre-owned Home offers both Sellers and Buyers multiple advantages:
- Once a home inspection is complete and any needed repairs done, the Seller has a very clear picture of the condition of the home, and is more confident in the asking price.
- If following the inspection items are discovered that need attention, the homeowner can take action early and make repairs. This forestalls last minute re-negotiations which can reduce a Seller’s proceeds, or increase chances of a Buyer walking away.
- The certified status can be promoted on the listing, at open houses and on marketing pieces.
- The home warranty gives the Seller peace of mind during the sales process.
- Typically, the Seller can expect to receive a premium (estimated 2% – 3%) in the form of a higher sale price for their Certified Pre-Owned Home, much like auto dealers do for the Certified Pre-owned Autos.
- The combination of a pre-listing home inspection and a home warranty provides unparalleled transparency for prospective buyers regarding the condition of the home, and increased confidence in the top to bottom quality.
- A Certified Pre-Owned Home stands out from other listings in the marketplace.
- I reimburse you for the cost of the home inspection at time of sale.
- I pay for the home warranty.
- SAVINGS – Since an inspection has already been paid for and performed by a qualified home inspector the Buyer can skip this step.
- NO SURPRISES AFTER MOVE IN DAY – A pre-listing home inspection & home warranty provide unparalleled transparency for prospective Buyers regarding the condition of the home and reduces the likelihood of unwanted surprises after closing.
- CONFIDENCE & PEACE OF MIND – Knowing up front that the property has already been inspected, repaired and warrantied gives Buyers greater confidence.
- EASIER TO BUDGET – With no repair expenses, a Buyer can be confident they will stay within their budget on home expenses.
- BRAGGING RIGHTS – A certification status takes pride in ownership to the next level.
Full-time agent with Jess Reid | Christie’s Intl Real Estate since 1994, with a passion for the art & science of home resales, and a track record of delivering results that “move you”. Don’t hesitate to contact me for information regarding the selling process. It’s never too early to start preparing for a sale!