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Portland Real Estate Questions: Will Sellers Do ALL The Repairs?
If you've been in real estate for any length of time, you know that there are three elements which sum-up a property that's FOR SALE: Condition, Location and Price.
Condition of the property is one of the concerns many buyers have. Many properties that are currently on the market will be bank foreclosures, REO's and short sales. With these types of listings, there usually are no repairs made by the sellers. They are sold AS iS and are priced to sell in their present condition.
With traditional sales, unfortunately in this current climate, owners that have their property on the market may not have the financial ability to take care of any repairs.
For a traditional sale, meaning no bank owned, REO or short sales, there can be room for negotiations on repairs. But, again, with some sellers, there might not be any room left in their budgets.
The purpose of having a home inspection done during the inspection contingency of a real estate transaction is two-fold:
Buyers can ascertain the condition of the property through the inspection findings
Buyer can use the repair report to try to negotiate repairs with the sellers
The legal language found in our Real Estate Sales Agreements states:
"Buyer shall have ___ business days (ten  if not filled in), after the date Buyer and Seller have signed this agreement (hereinafter "the Inspection Period"), in which to complete all inspections and negotiations with Seller regarding any matters disclosed in any inspection report."
Repairs are not a given. Negotiations of repairs are provided for in the contract. What the Sellers will negotiate is never known and is subject to many variables including: what the buyers are requesting, the sellers willingness and/or financial ability to perform repairs, etc.
The Buyers are within their right to revoke the Sales Agreement during the Inspection Period.
EBAPortland ~~ 100% BUYER REPRESENTATION ~~ 100% of the Time
EBAPortland, LLC is an Exclusive Buyer Agency serving the Metro Portland real estate market since 1999. If you’re a Buyer in the Metro Portland area (including: Beaverton, Tigard, Hillsboro, Lake Oswego, Downtown Portland,) and contemplating a purchase, talk with a Buyer’s Agent . . . better yet, talk to an ExclusiveBuyers Agent. Exclusive Buyers Agents do not work for listing brokerages or Sellers. An EBA’s fiduciary dutyis: 100% BUYER REPRESENTATION . . . 100% of the Time.
Author Bio: Carla Muss-Jacobs is the Principal Broker/Owner of EBA Portland, LLC an Exclusive Buyer Agency representing Buyers in the Portland Metro real estate market since 1999.
The Sellers have their own agent ~~ Why don't you have yours?
Carla Muss-Jacobs practices the TRUE FORM of Buyer Agency ~~ Exclusive Buyer Agent. Her office/brokerage never takes listings and never respresents the Seller. Exclusive Buyer Agency is the BEST form of legal real estate representation a Buyer can have. There is 100% Buyer Representation - !00% of the Time. There are NO CONFLICTS OF INTEREST and there is no possibility of ever having YOUR Buyer Agency comprised. When buying a house -- it's important to know who is working for you!!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.