HOME BUYING ADVICE: Should the Seller or Buyer do the home repairs?

By
Real Estate Agent with eXp Realty - Nest Atlanta Team

ANSWER:  The BUYER Should Do Repairs Whenever Possible, Not The Sellerhome buying advice in atlanta ga

ARTICLE PROVIDED BY LEIGH CLACK, ATTORNEY

Neel & Robinson Attorneys at Law, LLC
22 Lenox Pointe, Atlanta, GA 30324
404-705-3690        fax  404-705-3697
lenox@neelandrobinson.com

Most home inspections will reveal some items in the house that need to be repaired or replaced.
 
What should the buyer do?
Most buyers want the house to be "perfect" when they move in, but is it a good idea to have the seller fix everything?
 
If the seller does the repairs:
1.      Buyer has no control over the quality of work or products
2.      Closing may be delayed
3.      Seller will usually choose cheapest or fastest solution
4.      Buyer may not have access to repair people for follow-up
 
If the buyer does the repairs (may be able to reduce the sales price):
1.      Complete control over the quality of work and products
2.      Work is done after closing, so no delays
3.      Buyer can be flexible on timing and cost
4.      Buyer has relationship with contractors and suppliers for warranty work and follow-up
 
Sometimes a repair is required by the lender prior to closing, based on the appraisal.  In this case, the seller must have the work done. 
 
The buyer should always allow time for a follow-up review by the buyer's own inspector, and the buyer should get all paperwork, warranties, and contact info on the service providers.  This is especially important when buying an REO/foreclosure property.  The buyer should also purchase a home warranty.

 

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The ATL Home Search Team is part of Keller Williams Realty, specializing in Intown Atlanta real estate including Grant Park, Kirkwood, Oakhurst, and East Atlanta neighborhoods.

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Topic:
Home Buying
Location:
Georgia Dekalb County Decatur Medlock Park
Groups:
1st Time Buyers
First Time Homebuyer
Advice for Sellers
Tags:
home repairs
home buying advice
real estate agent in atlanta
kerry lucasse
negotiating repairs with seller

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Rainmaker
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Jim Mushinsky
Centsable Inspection - Framingham, MA

Hi Kerry,

Interesting article from attorney Leigh Clack.

After watching home repair shows like Holmes on Homes.  I would be to worried about escalating repair costs for a job done right.  It seems to be quite common that the right repair is in the $50,000+ range.

Repairs are quite a large risk for the buyer since they have so little experience with house.

Hmmm.  I could agree with the answer as long as the seller is willing to put aside $100,000 in an account that can be accessed for the "right repairs".

Jun 17, 2010 07:09 AM #1
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Rainmaker
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Kerry Lucasse

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