I just returned from a home inspection and have to sort through the list to determine what remedies to request. One thing we have learned as agents, is that credits very often are not the best way to address things. New homebuyers get all caught up in moving in and decorating, take the credit and never fix the thing with it. So if something really needs to be fixed, get it fixed before closing.
Today was an excellent example. When the seller bought this house he received a credit to fix the chimney flashing. Today there was water on the floor that came down the chimney because he never fixed it three year's ago. It's not an expensive fix, but needs to be done. So better to get that fixed prior to closing than to get a credit.
Huge warning with regard to credits. If you are already getting closing cost credits from the seller, you may not be able to take a credit for home inspection repairs. There is a limit by your lender with regard to total credits. If you ask for a $3,000 credit after the home inspection and the lender disallows that credit at the last second, you end up with no credit AND no repair. So the agent really needs to know what they are doing when making that list of which items to ask the seller to fix and which items to take as a credit.
Any cosmetic issues, like new flooring needed due that water coming down the chimney, should be a credit. No one wants someone else picking their new rug color.
Of course we can all write a book, or even three volumes, on all of the home inspection issues we have seen over the years. But this is enough for one day.
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