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Home Seller: Did Nobody Tell You The Seller ALWAYS Pays For Repairs?
During a real estate transaction, it is very typical for a house inspection to be performed on behalf of the buyer.
It is not uncommon for this report to reveal some issues with the property, and this raises the question of what will be done moving forward.
There are several options. First, the issue(s) can be ignored, second, the homeowner can repair or replace the problem(s), and finally, the buyer can repair or replace the problem(s).
Regardless of the option chosen, it is the homeowner who will "pay" to bring the house to "market" condition. Do you want to know why?
Supply And Demand Determine Real Estate ValuesThe supply and demand for homes similar to the one in question determines its value in the market. It really is that simple. Why would a buyer pay more than market value for a house (for the sake of this question, think "significantly more, not just a few dollars).
If a homeowner goes to contract with a buyer and the amount agreed is "fair market" but the house inspection reveals a significant problem with the home, the homeowner will eat this cost. Every time. Period. Here's why.
Fair Market Value Means Fair Market ConditionThe buyer has other options. The buyer has agreed ... more

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