Certified Pre-Owned Listings - The Faster Way to Sell Your Listings

The Certified Pre-Owned Listing program was developed for existing resale homes. For homes to be approved under this program they must pass with atleast a 70% based on your input from your report. The rating system is based on anticipated upcoming maintenance costs and remaining years of life for the various elements and components and only takes a few minutes to complete.

It is broken down by elements of the home as follows: Structure, Exteriors, Roofing, Plumbing, Electrical, Heating, Systems and Appliances and Interiors.

For those that do not pass, because for example, a new roof is needed, the seller can either replace the roof or escrow funds at closing. If this is the case the inspectors have the capability of adjusting the rating system to reflect such corrections so as this home will pass based on the sellers commitment to fix the problem or problems in question. The seller also has the option to sell as-is. All of these re-rated homes will appear as CPOL homes on the website, but will state that they passed AFTER these things were repaired, replaced or addressed.

For a home to meet the requirements of Certified Pre-Owned Listing, it must pass the CPOL rating system with a score of 70% or higher. IF A HOME DOES NOT MEET THIS SCORE, IT CAN STILL BECOME CERTIFIED PRE-OWNED BY MEETING ONE OR MORE OF THE FOLLOWING CONDITIONS:

a. The seller of the home can obtain competitive bids for the issue(s) found and either fix the issue(s).

For example, if a roof covering has little remaining functional life, the seller can choose what to do about it, instead of waiting for the buyer to make it a contingency and an expensive one at that. Here, the seller is going to choose to get three bids from contractors (which are not inflated) and have the roof repaired prior to closing (or possibly prior to putting the home on the market).

b. The seller of the home can merely sell the home “as is” without doing any work, but the buyer is fully disclosed of the condition prior to contract.

For example, take the roof above. The seller can choose to simply adjust their asking price accordingly, and disclose that the home is in need of a new roof, but that it is for sale “as is.” If a contract is signed under these circumstances, the issue cannot become a contingency AFTER THE FACT.

c. The seller can set aside funds in escrow to meet the cost of upgrading the issue in question.

In this case, the seller would get three competitive bids from contractors (uninflated) and take the average of those bids as the amount of money they are willing to escrow to the new buyer at closing. This is disclosed up front as always, so the buyer understands what they can expect from the seller.

d. The seller of the home can opt in addition to “a”, “b” or “c” above to place a home warranty on the home and its systems and appliances. Home warranties are important where the appliances present are aging.

All homeowners and possible inspectors are required to comment on the homes below the acceptable rating as a condition of acceptance under the CPOL program. Please make sure you review these comments accordingly.

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