Buyers' Requests for Repairs
May 23, 2012
An inspection of the property is now a routine part of every sales transaction. Almost always, the inspector will find items needing attention. These can be relatively small such as plugs with reversed wiring or they can be major such as electrical panels that have been decertified due to fire hazards.
Since we are still in a real estate market in which sellers accept offers that are less than they might have wished, they often want to insist that they are selling "as-is". Unfortunately the choice may be between fixing or losing the sale.
As agents we do try to guide our buyers when they prepare their requests for repairs. Health and safety issue are legitimate requests, but cosmetic issues such as paint touch-ups are probably not something that a seller will redo.
There is some discussion as to whether it could be useful for a seller to hire an inspector prior to offering the property for sale, thereby knowing what repairs might be needed. The benefit of this strategy would be that the additional repair costs will have been considered before setting the price or prior to accepting an offer.
Inspections and requests for repairs have become a significant part of a standard real estate transaction.
Buyers need to be reasonable in their requests and Sellers need to accept the fact that items may be uncovered that were never a problem to them, but which are now an issue for the buyer.
Lenders have also gotten into the repair discussion as they will review the inspection and may also require that electrical or plumbing problems be corrected prior to funding a loan. I have seen appraisals where the appraiser will have to return to verify that the work has been completed.
It is clear that we have gone miles past the days of "caveat emptor".
An inspection of the property is now a routine part of every sales transaction. Almost always, the inspector will find items needing attention. These can be relatively small such as plugs with reversed wiring or they can be major such as electrical panels that have been decertified due to fire hazards.
Since we are still in a real estate market in which sellers accept offers that are less than they might have wished, they often want to insist that they are selling "as-is". Unfortunately the choice may be between fixing or losing the sale.
As agents we do try to guide our buyers when they prepare their requests for repairs. Health and safety issue are legitimate requests, but cosmetic issues such as paint touch-ups are probably not something that a seller will redo.
There is some discussion as to whether it could be useful for a seller to hire an inspector prior to offering the property for sale, thereby knowing what repairs might be needed. The benefit of this strategy would be that the additional repair costs will have been considered before setting the price or prior to accepting an offer.
Inspections and requests for repairs have become a significant part of a standard real estate transaction.
Buyers need to be reasonable in their requests and Sellers need to accept the fact that items may be uncovered that were never a problem to them, but which are now an issue for the buyer.
Lenders have also gotten into the repair discussion as they will review the inspection and may also require that electrical or plumbing problems be corrected prior to funding a loan. I have seen appraisals where the appraiser will have to return to verify that the work has been completed.
It is clear that we have gone miles past the days of "caveat emptor".
posted by shirley harry at 9:07 AM
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