Certified ‘Preowned’ Homes – Or Selling Homes Like Cars
You got to give ZipRealty credit.
First they treat their employees like car salesman, now they are treating the homes like cars.
According to Luke Mullins at US News and World Report, ZipRealty is offering a Certified Preowned Warranty on homes that pass a 24 point inspection. While it is not a bad idea and will appeal to some consumers, the line between new home sales and new car sales is blurring rapidly.
What next, will ZipRealty start taking homes in as trade ins? Or maybe they will go into the mobile home business.
Homes that pass a 24-point, third-party inspection will land ZipRealty’s “certified preowned” seal of approval, which the company hopes can enable properties to stand out in today’s downtrodden market.
“[Prospective home buyers] don’t want to buy a home and then three months later find out that the place is a money pit—I think that’s everyone’s biggest concern,” ZipRealty CEO Pat Lashinsky said in an interview today. “So we’re going to take out that risk.”
The service will cost between $750 and $1,000, Lashinsky says. Consumers will pay half upfront and the balance when the home sells.
“We have a certified inspector come out and do the full inspection on the house…and then once they certify it, they warranty those things going forward for the home buyer,” Lashinsky says. “If there is anything that doesn’t work, the home buyers have someplace to go, and they’ve got a protection against it. So the home buyer basically gets rid of the worry and the concern.”
Only homes that pass the inspection will be eligible for the program, Lashinsky says. “Not every home will be eligible for [the program] because they won’t be able to get the certification,” he says.via The Home Front (usnews.com).
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Comment by Doug Quance on 17 May 2008:
I have recommended that sellers get a pre-listing home inspection for two reasons:
a) It allows them to discover and correct problems that they might not have otherwise known about.
and
b) It shows the buyer that the homeowner was interested in finding and correcting any issues prior to selling the home.
In the eyes of a buyer, a home that has been well-cared for is worth more money than one that has been neglected – even if the neglected property is rehabbed.
Often, a buyer will review the inspection and repairs and opt to NOT pay for an inspection of their own.
Additionally, home warranties that feature coverage during the listing period have been around a long, long time. At least ten years.
There’s nothing new here… except the hokey presentation.
Comment by Relieve My Stress - Real Estate Solutions on 18 May 2008:
YA, its true some people use to sell or buy home like cars.
For the buyers the think of whether the property is worth in future after the own it. But some wont think just but like a car.
Comment by dean on 19 May 2008:
Does this mean that the Realtor is going to leave me in his office while he checks with his manager to see if the price we suggested is acceptable to him–meanwhile my Realtor and the manager are puffin a smoke in the back lot laughing while I sweat it out in his microphone filled office?
Comment by Murfreesboro Townhomes For Rent on 26 October 2008:
Well that is a very interesting post, thanks for the info.