The Home Inspection
There are lots of different home inspections that you may want to have performed on your home: the basic home inspection, the radon inspection, the wood destroying insect inspection.
The basic home inspection involves having a certified home inspector come take a good look at all of the home’s systems – the foundation, the mechanicals, the electrical, the plumbing, the structural – and see if any of the items need repair.
There are many reasons to have this done. The primary reason is so that if there is a major item on the list, the buyer and the seller have the opportunity to negotiate the repair. I recommend to sellers that they have a home inspection done before putting the house on the market. This is especially important if they have not been as attentive to home maintenance as they should have been.
Why would a seller want to pay to repair a home he is selling? Some of the needed repairs may impact the appraisal of the home. Siding that is in need of repair, wood rot, peeling paint, displaced concrete are all signs of issues that could prevent the house from being valued by the lender’s appraiser at a value reflective of what a property in good condition should be appraised at.
If the seller can objectively look at the inspection report and the buyer’s request for repairs as a list of corrections that need to be made so that the house is worth the price being offered, the seller should be willing to make reasonable repairs.
What are reasonable repairs? Reasonable repairs are repairs to the structure, the foundation, the electrical, the plumbing, the heating and air conditioning, and any wood rot or siding deterioration. A reasonable repair request would not be to paint the house a new color, but it may be reasonable to ask for a painting allowance if the condition of either the interior of the house or the exterior or both dictate fresh paint.
How do you know as a seller if the request is reasonable? Put yourself in your buyer’s shoes. You may not have known that there was a leak in your roof – but would you buy a house and pay what you accepted if that house had a known leak in the roof? Your realtor can help you find several contractors to give quotes on what it would cost to repair the roof.
If your buyer has not requested every repair on the list but has only asked you to repair the major items, it is probably because the buyer factored some of those costs in the original offer to purchase your home.
Keep in mind that the buyer wants to buy your home. How can you help make that happen so you can sell your home. Those repairs will have to be made for some buyer, and each successive offer will likely be lower than the first. At least be willing to negotiate the repairs so you both accomplish what you want.
A native of North Carolina, Cary grew up in the Triad and has spent most of her adult life in the Triangle. When Cary and her husband returned to NC in 1999, they decided to call Cary NC home. Since....
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