You get ready to buy a home, and there are all kinds of different processes that must be addressed first. You think you found the property that you want, and now it is time for the inspection. You have personally seen the property and feel good about it. However, imagine the inspector comes back to you with quite a lengthy report. Or perhaps there are just a few things to fix. Should the seller be the one to make those repairs?
That’s a good question, and it can go either way. It really depends on what both parties agree upon based on the individual deal that is on the table. Let’s look at one extreme example where the seller is never the one to make repairs. Have you heard of the investors that buy any home out there? These investors never require the sellers to make repairs. Instead, they make a cash offer for homes as they stand.
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Of course, when the sellers are asked to make repairs, they don’t necessarily have to agree. What happens is the inspection report is what it is, and the buyer and seller have to agree on what needs to be done. If both parties cannot agree, then the deal is off. Now, let’s look at how things can work out in a number of different ways.
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Let’s say that you are the seller, and a buyer hires an inspector to come in and inspect the property. For the sake of this article let’s say that there are five repairs that need to be made. If you don’t want to make those repairs, perhaps you would be open to a lower offer on the property. That is one way that things can work out. In other words, based on an inspection report and asking price, the offer can be adjusted.
Keep those things in mind if you are the seller or the buyer. In general, you would expect a seller to make certain repairs. However, things work out in a number of different ways as you can see. Even when the repairs aren’t made, it doesn’t mean that it works out to the detriment of the buyer. It all depends on the agreement, and both parties must agree before closing.
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Sometimes there can also be discrepancies as to what is listed on the inspection report. You might as well go with what the professionals say. They do this job for a living, and they know what needs to be fixed or repaired. So whether you are the buyer or the seller, do not talk concrete prices until an inspection has been completed. Do not move forward based on inspections from previous years. You need to make sure there is a current inspection before you buy or sell a property. And you need to make sure everything is in writing as you prepare to sit at the closing table with the other party.