When selling your home, the buyers will probably have a home inspection performed. This is should be expected, as it’s one of the most common contingencies. Few buyers skip this. Depending on the disposition of the buyers and their inspector, your potential buyers may produce a very sizable list of repairs to request from you. I’ve noticed an increase in this type of activity lately. Even if this list is presented as a list of “demands”, take a deep breath and realize that you don’t necessarily have to make all these repairs. Many of these items are probably negotiable. Your purchase agreement probably contains language such as “all systems shall be in good condition” or “Seller shall repair any latent defects”, etc. In other words, there is some wiggle room here Some buyers will make requests that are not necessarily reasonable. For example, if there’s a leak under the kitchen sink, they may request a whole new sink (it’s happened)! Buyers sometimes get intimidated by what happens at the inspection. One example which happens fairly often is that the inspector will say something, like the furnace, is “near the end of it’s useful life”. In other words, it’s old…not broken. In fact, you may very reasonably get several more years out of it. But the language spooks the buyer, and as a result, they ask for too much. This isn’t a result of anyone not doing their job; it’s simply a normal part of a negotiation to purchase a home. But you most likely are not inclined to replace a furnace just because it isn’t new, and your agent can assist you in preparing a response that will put things into perspective. Do not get fussy with your buyer at this point. It’s an understandable reaction when presented with some rather trite “demands” from a skittish buyer, but retaliation will not sell your home. Let’s take this deal and make it stick. Starting all over again in today’s market is almost never a good idea. One last thought: agree to make repairs that are reasonable, and then get them fixed correctly. This isn’t the time to shortcut anything. Use only licensed contractors, and get everything in writing. The buyers will most likely want copies. Make the repairs in short order, and remember that your buyer may be planning on a reinspection. Believe me, the last call you want to get is one that comes from your agent two days before closing, telling you that the repair that your trusty friend made for you has to be torn out and done over again. Agree to reasonable repairs, use licensed contractors who will stand by their work, and close on time. That’s always nice!

 

What did you think of this article?

Liked
Disliked
No Opinion