Basics
of Home Repair Requests for Home Buyers
A home inspection
report will highlight a list of home repair issues needing
attention before you complete the purchase transaction.
Regardless of whether
the house you want to buy is a new construction or decades old, you will always
need to make a request for repairs.
Repairs can run the
gamut from major plumbing or electrical issues to minor tile chips or floor
scratches.
Keep in mind that it
is unlikely that the sellers will repair the tens (or hundreds) of line items
on your fix-it wish list.
Therefore, it is
important for a buyer to have clear and reasonable expectations when making
home repair requests.
Leverage Home
Repair in Your Favor
Let them hear it from
a pro: hire a professional, experienced home inspector to fully inspect the
home you have your eye on.
Aside from determining
whether the house is in good enough shape for you to invest your hard earned
money in it, having an official inspection report will give you an edge at the
negotiation table.
Telling the seller you
want the porch repaired because it feels shaky will not hold weight
unless a professional home inspector submits a report about the porch’s
structural damage.
Each Home Repair
is Not Equal to the Next
If the home repair is
relatively minor in cost or a non-safety issue, it may not be worth making an
issue over it. Valid buyer repair requests are generally significant issues
uncovered by a thorough home inspection.
Any items obvious when
you initially look at the house—like cracked sidewalks or peeling paint—should
be stipulated in the purchase offer and not requested as a home repair later in
the process.
Common Home Repair
Requests
Here are some items
commonly found on buyers’ home repair lists, although sellers may or may not be
willing to fix them:
§ Upgrading ungrounded electrical wiring if the
house was built before the 1960s
§ Replacing old-style galvanized water pipes or
any leaking pipes
§ Making roof repairs
§ Changing disintegrating sewer pipes
§ Upgrading heating/cooling systems and water
heaters
Required Home Repair
Items
Items a seller must
fix are these:
§ Any water penetration issues, such as a wet basement
or moldy walls
§ Local code safety violations, such as missing
handrails or an unstable deck
In addition, any
repairs listed on the appraisal report must be fixed.
For example, if a
structural problem was noted on the appraisal, a lender may not be willing to
release funds to the buyer until that home repair is made.
In many cases, the
seller may opt to offer you a cash credit for the cost of the repair, rather
than taking the time to have it repaired themselves.
This is actually in
the buyer’s favor, as the seller no longer has a vested interest in ensuring
the job will be done right.
Updated from an
earlier version by Aviva Friedlander.
No comments:
Post a Comment