Buying your first home can be exhilarating, but negotiating the contract and subsequent repairs can be, well, nerve-wracking at times.
My clients made an offer a couple of weeks ago on a home. Several days of back and forth with the seller ensued before we had an accepted contract. The home inspection was performed earlier in the week, which revealed a list of repairs that, again, had to be negotiated.
You never know if the seller will agree to all the repairs or if the buyer will have to either step up or walk away.
Down to the wire on the allotted time frame for negotiating repairs, the call we have been waiting for came in very near the deadline. . .
The seller agreed to pay for all the necessary repairs.
Knowing the buyer had been on pins and needles most of the day, my message to her was
You can start packing!
But, what if the seller refused to pay for the repairs?
The contract stipulated that repairs would be covered up to a certain dollar amount. If the costs exceeded this predetermined estimate, then the following options would be available:
1. Seller pays, regardless of the cap on repairs.
2. The buyer pays the difference between the seller determined maximum and the total cost of repairs.
3. Re-negotiate the contract, or...
4. Buyer walks away. Seller has to find a new buyer, or keep the house.
No-one wants to walk away from the sale of a house, unless the costs of repairs is so exorbitant the seller cannot afford to pay for the repairs. Most repairs can be negotiated so that the buyer and seller reaches an amenable agreement.
If you are interested in buying or selling a home in
Flowood, Brandon, or Pearl MS, call me and you can start packing, too.
First image courtesy of Ambro at FreeDigitalPhotos.net
Second image courtesy of SundayMorning at FreeDigitalPhotos.net
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