Very important to stay well informed when buying a home. The more knowledge you… Read more », First off…..ALL INSPECTORS ARE NOT CREATED EQUAL. $300+ I then had a professional roofer come look at the roof and he says its in sad shape and I would be… Read more », The inspection didn’t mention hail damage, it did mention some bad repairs to ridge cap, .. we had money taken off sale to repair this ridge cap, but now shortly before closing we find there is substantail hail damage .. do we have an option now that contract is signed. 6. A lot of the… Read more », Following our house inspectors advice we asked to have the a/c unit serviced before closing and the other realtor and owner agreed and signed off on it in our closing contract. Who gets to keep the deposit? These things will get fixed during your future renovation. Document Last Modified: 1/16/2020 I want to know what negative affects this might have by taking cash in lieu of lowering the purchase price by the same amount?That would mean 100k price and getting a 3k refund vs straight 97k purchase price. $25 – $70. That’s only the start…the deck either needs extensive repair or be replaced, the kitchen window seal is broken, all carpets have to be cut out and thrown away (that’s cosmetic to me, no biggie). This information is compliments of the Sarasota/Realtor Magazine- February 2016 Issue. Push for inspection credits over repairs. Conversely, if you spend two hours measuring the spaces and picking paint colors, you lose negotiation power. Once the initial excitement of finding the right house and getting a good deal wears off, many buyers begin to feel “buyer’s remorse.” They wonder if they paid too much or if they could have gotten the house for less. If the Seller has agreed to do any repairs, the contract outlines that those repairs must be made by a licensed contractor with accompanying receipts. If there is a furnace and ac unit that is over 20 years old is it unreasonable to ask for credits for their replacement at closing? Instruct your agent to let the sellers know you will walk away from the sale unless the repairs are completed or they reduce the price accordingly. Great tips! We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. If you calculated needed repairs as $3,000, you can ask the seller to take that same amount off the purchase price and then make the repairs yourself later. In many cases, the deal-making and negotiations only start at the contract signing. As a Real Estate Broker and a Certified general Contractor I come along behind these people many times and have to point out what they missed to my clients. If you're selling your home, you might wonder if there are common repairs needed after a home inspection.Most buyers, after all, won't commit to purchasing a … They may not approach the work with the same conscientiousness that you, as the new owner, would. Finally, if you get the credit, there will be less back-and-forth to confirm that the seller correctly made the repairs. There’s no way to make sure the $10,000 was used to make the needed repairs. John L. Scott, Inc. Seattle Center Office 100 4th Ave. North, Ste. There are several ways that a seller's credit can work. Always go through your agent first, or the listing agent if you do not have one, when asking for price reductions. Some tenants may offer to complete some repairs themselves in exchange for a rent reduction. In lieu of actually making the repairs, seller may offer buyer a repair credit. $4K+ Cleaning. You won’t have to do a price reduction to reflect the estimated (and often overinflated) cost of repairs! The seller continues to press for a credit, price reduction, or perhaps a short extension on the basis that the repairs can still be completed promptly. Thanks for the tips on why not to disclose your intentions for renovation/ repairs upfront. Writing Repair Amendments. You can also ask for an extension on your option period in order to have a roofing contractor go out and assess the roof.
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