Daisy07
Love my girls :)
Member since 7/05 1543 total posts
Name:
:)
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Home Inspection and negotiating
We have accepted an offer on our home and the buyers had the home inspection done today. The inspector said everything looked great, it was a solid home, but he found a few minor items. We are FSBO and the buyers don't have a realtor either. How is it determined what we HAVE to fix? Is it all negotiable? Forgive my ignorance but this is our first time selling, and we don't want to be naive and stupid.
Any advice is greatly appreciated!!
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Home Inspection and negotiating
I believe if they are minor issues, legally you have no obligation.
It really is up to the buyers - they can play hardball and threaten to walk away if you don't fix them, or they can fix the items on their own later. I think most people are reasonable and know every house will have some minor stuff wrong with it and that is just part of home ownership.
Message edited 5/31/2012 3:16:53 PM.
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JsWife
His laugh, Her smile
Member since 12/06 2902 total posts
Name:
Patricia
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Re: Home Inspection and negotiating
Posted by Karen
I believe if they are minor issues, legally you have no obligation.
It really is up to the buyers - they can play hardball and threaten to walk away if you don't fix them, or they can fix the items on their own later. I think most people are reasonable and know every house will have some minor stuff wrong with it and that is just part of home ownership.
ITA. After going through the inspection report they will decide if they want to haggle.
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Re: Home Inspection and negotiating
Short answer - Everything is negotiable. You don't have to do anything, buyers are free to walk away if you don't do everything. It depends on how bad the buyers want the house (are they willing to walk if you refuse to make any repairs?) and how bad you want to sell (do you want to lose a buyer and hundreds of thousands of dollars over what might cost a couple of hundred dollars to fix).
Longer Answer: I always tell my buyers that they are buying the home "as is." So we can't do anything if the heating system is original but still functional, and the roof is nearing the end of its lifespan, but still ok. A lot of the information provided at the home inspection is for the buyer's education (how to best maintain the home, etc.), not necessarily for the seller to address. If there's something in the house that's fine, but it would be "better" to do it another way, you can't expect the seller to make the upgrades for you.
That being said, if the home inspection uncovers any issues re: major systems (such as electrical, plumbing, or the structure of the house), it's customary and reasonable for the buyer to ask the seller to fix the issue before closing. So if there's a leaky pipe, corrosion in the electrical panel, termite damage, and things along those lines, I believe a seller should remedy those items. Sometimes sellers opt not to make any necessary repairs and will instead provide the buyer with a credit to make the repairs, which is also an acceptable solution. So I don't know what you mean by "minor," but if something is broken or unsafe, it may be something you should fix, even if not a major expense.
In my experience, good feelings go a long way in a real estate transaction. So if the buyer is being reasonable in their requests, esp. if they are not expensive or difficult to do, you may want to consider honoring at least some of their requests!
ETA - I would wait and see if the buyers actually ask you to do anything. Sometimes what the inspectors say at the inspection sounds worse than what's reflected in their actual written report. And the buyers may decide these issues aren't worth raising. So my advice is do nothing and offer nothing until the buyers raise the issues (they may never raise anything).
Message edited 5/31/2012 8:48:59 PM.
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