Getting “Rebound” Listings Ready for Market
Contrary to popular perception, not everything in a Seller’s market sells right away — or at all.
When that’s the case, it’s common for the owner to either take their home off the market, or, if they’ve already moved out, to rent it (most popular lease term: one year).
Thanks to a rising Twin Cities market and scarce inventory, more than a few homes that fit that description a year or two ago are now trying again this Spring (usually with a different Realtor; I’m personally listing two such homes in the next month).
Stale But Still Valid TISH Inspections
Meanwhile . . . at least in Minneapolis, the required city inspection — known as the TISH, or “Truth-in-Sale-of Housing” — is valid for two years.
Which means that at least a few homes that didn’t sell in 2014 – 2015 still have valid Minneapolis Point-of-Sale inspections.
Should the owners update them anyways? (Note: the Seller’s Disclosure should definitely be updated).
My advice: save the $250 (ballpark).
That’s because even the most rigorous city inspection is much more superficial than a good Buyer’s home inspection.
In other words, sophisticated Buyers aren’t going to rely on the city inspection, anyways.
It’s also the case that Buyers’ agents will inevitably check the new listing’s archive history, and see that the home previously didn’t sell.
P.S.: One benefit to being off the market > one year: MLS treats the listing as new rather than a re-list, and “flushes” the cumulative market time associated with the old listing (even though the MLS archive is still available).
