the Furnace of Dorian Grey.

When is it okay for the buyer to ask for a water heater, a furnace, air conditioner, roof, etc.... to be repaired, replaced or credited? 

This is a question that plagues buyers, sellers and some Realtors.  Each transaction, of course, should be treated by itself, and everything depends. 

• It depends on the motivation of the parties involved.
  
• It depends on whether they seller has any back-up offers.
• It depends on how severe the problem is (and it's associated expenses)
• It depends on which way the wind is blowing.

Each deal is different, and should be treated differently.  But according to our local contract (Multi-board Contract 5.0) for our area, the inspection clause reads that "an item should be considered to be in working order if it is performing the function for which it was designed, regardless of age or condition".

So, what does that mean?  

• it means that if the roof is 40-years old, but not leaking, it is considered "working order".
• it means that if the water heater was installed when Roosevelt was president (Teddy, not Franklin Delano), but not leaking and still heating water, it is considered "working order".
• it means that if the dishwasher is  manufactured by a company that went out of business during the first Farewell tour of the Rolling Stones, but still washing dishes, it's considered "working order".
• it means that if the furnace is the size of a 1940 Buick and looks like a fire-breathing octopus, but still heats the home reliably, then it's considered "working order".
•  it means that if the roof was first put on by Fred Flintsone and Barney Rubble, but still keeps the rain out of the house, it's considered "working order".

Now, that doesn't prevent the buyers from requesting that the items be properly maintained, and asking for maintenance records.  It also doesn't prevent you from requesting a credit for a product that is well past it's average life-span.  But be prepared for the seller to say "There's nothing wrong with that furnace... I have it serviced twice a year by Dorian Grey Heating and Cooling company and it still works beautifully, so we're not going to credit you anything!"

(250  -34)

Can I ask them to move the
house six inches to the North?

ALAN MAY, Realtor®
Specializing in Evanston Real Estate and North Shore Real Estate
Coldwell Banker Residential Real Estate, 2929 Central Street, Evanston, IL 60201
847.425.3779      Cell: 847.924.3313      Email: Almay@aol.com
Evanston Real Estate & North Shore Real Estate

    

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