So Does This Happen In Your Market??

By
Real Estate Agent with Meritus Group Real Estate SD 14808

It came across my email this morning as a addendum. It was short and sweet and to the point. It was a contract addendum concerning inspections. It stipulated that if repairs were under $500.00 that the seller would do nothing but if repairs were over $500.00 then the parties would negotiate. I really like this in the case of my sellers but I don't really know if it is the greatest for my buyers. These little defferred maintenace things could add up and who is to say what would add up to $500.00. This could be subjective to whom you spoke to.

So what do you think of this addendum? Does it show up in your market? 

Posted by

 

Rosalie A. Evans                                                                      

HJN Team Real Estate

101 W. 69th St.

Sioux Falls, SD 57108

Cell 605-366-7242

rosaliesellssiouxfalls@gmail.com

 

                                       

 

   

 

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Comments (4)

Tim Bradley
Contour Investment Properties - Jackson Hole, WY
Commercial Real Estate Expert in Jackson Hole, WY

That language is part of the contract form in Wyoming. Except the amount is blank, for the parties to fill in. I like it.

May 17, 2011 04:46 PM
June Piper-Brandon
Houwzer Inc - Baltimore, MD
Piecing Dreams One Home at a Time

Rosalie, I see this a lot in my market.  I see all kinds of verbiage coming from agents that isn't always in the best interest of the buyer (or seller for that matter).  Agent's should not practice law by writing these addenda.  However, if an attorney were to write it, it would be 10 pages long.  There has to be a compromise.

May 17, 2011 04:47 PM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

If it is a pre-print pre-approved "Board Form", then okay per Tim #1.

But if it is written-in legalese per June #2, then watch out.

 For example, "Under $500"...  what if I get two different estimates from 2 different repairmen / contractors, and one estimate is $425, but the other estimate is $695, then what?   Who decides?

 

May 17, 2011 04:50 PM
Rosalie Evans
Meritus Group Real Estate - Sioux Falls, SD
The Evans Group, Sioux Falls, SD Homes For Sale

Tim- That is interesting...so if you don't want to use that option can you just leave it blank?

June- In this circumstance it was in very plain language by the other agent. 

Fred- The is exactly what I am affraid of since some contractor are much higher then others. Who wants a ship shod job just to save the seller a little money!

May 17, 2011 06:03 PM