Once a buyer's home inspection is completed, there is almost always a fair sized list of recommended repairs, maintenance items etc. Even on a brand new home, it isn't uncommon for there to be some items that need to be corrected. So how do you decide what to ask the seller to correct?
There is no blanket answer to that question as each property and each buyer will present different choices. For example, if the house is in generally good condition, but needs some minor maintenance items, and you were the winning buyer in a bidding war - might be best to deal with those items yourself after closing. Or if there are some electrical concerns and your brother is a licensed electrician who agrees to do the work as a closing gift to you - then you can consider accepting those items without too much worry.
But what if there are some pretty costly issues that need attention: the roof is shot and there may be water damage below from leaks; the foundation has multiple areas of damaged structural components; the inspector's moisture meter detected likely moisture all along the wall behind the tub...
One rule of thumb is that a really costly and necessary repair item is a good one to try to negotiate to be the seller's responsibility. Same thing with something that presents a health and safety hazard so that the repair is important to complete before you move into the house. These types of issues may also be a concern for the appraiser if you are getting a mortgage loan to purchase the home, so may become conditions of actually getting the loan approved and the sale able to close.
The other scenario where I think it makes good sense to consider asking the seller to have the repair done is where it is "of unknown scope". By this I mean that if it is next to impossible to get an estimate for the work because the extent of the damage won't be known until the wall is opened up, or the old roof removed etc. then shifting the risk of that unknown to the seller can be a wise choice. This is also the scenario where I think it is very risky for the buyer to accept a cash credit (in reduction to price or credit to buyer closing cost for instance) in lieu of the repair work being done. If the seller offers to credit the buyer $5000, and the work turns out to be much more extensive, and the bill comes to $17,000, but you have already closed on the house - not a pleasant surprise for any buyer!
Of course these repair negotiations do have so many variables that it will always be a case by case decision, and your agent can help you evaluate the best options.
Comments(2)