January 2016 — Real Estate & Home Builders Guide — Page 5W
Who is responsible for repairs during home sale?
By Metro Creative Connection
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any questions arise during the home-
buying process. Buyers looking at
homes that require a good deal of
TLC may wonder who is responsible
for the home’s repairs, particularly if such repairs
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Depending on the situation, there is no clear-cut
answer.
There is no perfect home, and things that are
acceptable to the current owner may not be accept-
able to the buyer who is looking to become the
next owner. The home-buying process is typically
a careful cooperation between buyer and seller to
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some concessions, as will the seller. Ultimately, it
is this cooperation that often determines if the sale
goes through or is terminated.
Before any negotiations can begin regarding
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home and property. Most real estate agents will
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a contract is entered on the home. An inspection
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indicate things that the buyer may not be aware
of, including items that do not meet with code or
could be unsafe. An inspector also may point out
problems that could cause a mortgage lender to
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problems unsafe and refuse to fund the mortgage
until repairs are made.
A copy of this inspection report should be sent
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and real estate agent. The buyer working with his
own real estate attorney and agent can petition
for certain repairs to be made. Many sellers will
make such repairs to ensure the purchase goes
through, or they will accept a lower purchase price
to compensate for the needed repairs, which the
buyer will then make. Buyers might want to hire a
good real estate attorney to write clauses into the
contract to protect their interests. This allows the
buyer to forfeit the sale and walk away from the
contract should an issue arise.
The rules often change when buying a home
that is a short sale or in foreclosure. A home that
is in distress is typically in this situation because
the current owners cannot afford to pay their
mortgage, and thusly, are not able to afford repairs.
According to Think Glink, a money-management
Web site, buyers may try to negotiate repairs with
the seller, but they shouldn’t assume that sellers
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responsible for the repairs. Generally speaking,
most short sales and foreclosures are sold “as is”
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Home buyers may be able to negotiate that the sellers repair major structural issues, such as a leaky roof.
If not, negotiate a lower sale price.
foreclosures are often already deeply discounted.
Buyers should know that, for a home that is not
in foreclosure, there are some repairs that should
ultimately be the responsibility of the seller. If these
repairs are not made, a buyer should think strongly
about walking away from the deal, according to
Why6Percent.com, a real estate marketing site.
Such repairs include:
lender-required repairs that could impact
home safety
leaky pipes
water penetration issues, including a bad roof
unsafe decking or handrails
wet basements or crawl spaces
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damage
poorly functioning sewer lines or septic system
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a reliable real estate attorney and a trusted real
estate agent to guide them through the process
of buying a home. These people can help buyers
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years.