Homeownership is one of the biggest accomplishments that one can achieve. If you are contemplating buying a house, or are in the process of closing a home sale then you should be aware of a process called home inspection.
You probably have seen a house that caught your attention. Maybe you made an offer on it.
In doing so, you probably contacted your real estate agent to make them aware of your decision. As a precautionary measure, your agent would have advised that you make a “contingent upon inspection” clause with the seller.
This allows you to schedule a home inspection that could show any possible issues with the property. Finding out these issues from the initial stage could save you a lot of money on repairs in the future.
However, what happens if the seller does not make repairs before closing the sale? Continue reading this article to find out how to get past this hurdle.
What Happens If the Seller Does Not Make Repairs Before Closing the Sale
After a home inspection, you may have made your request for repairs to be done to the house through your agent. However, if the seller refuses you may be wondering what to do next. If the repairs are not mandatory, the seller can always walk away from your deal and accept one from another buyer.
What you can do is assess the value of the repairs with the selling price and the overall cost of the house. If the value of the house increases after repairs are made then there could be a salvage cost. However, if you are paying under market value for the house, you might want to accept the repair cost and close the deal.
Some Request Buyers Should Not Make
As a buyer, it is important that you are reasonable in your demands for repairs even after a home inspection report has revealed certain flaws. You will not find a perfect house, so it is important to weigh all the pros and cons before you decide to forgo the deal.
In order to help you make the right decision after a home inspection reveals all the flaws in the home take a look at some of the issues, you should overlook and not make repair requests for.
Cosmetic Issues You Should Overlook
Some minor issues that you can fix should not necessarily be brought to the seller’s attention. Before an offer was made, you would have known about some issues with the house. The seller will not be able to fix everything and cannot provide the perfect home in most cases.
Some issues that can be handled by you, the buyer, include repairing a cracked tile, non-functional light switches, and repainting some stained walls.
Although these may be bothersome, you should always keep in mind that other buyers are willing to overlook these issues. Don’t lose out on a good deal by being too picky.
Cracks Found on the Basement Floor
Concrete is naturally an absorbent substance so any liquid that comes in contact with it will settle. One can expect that there will be cracks in the concrete floor of the basement if that is where household chemicals are stored. It is not a structural problem as it does nothing to hold up the physical structure of the house.
However, if you find cracks in the basement walls that cause leaking then this should be a request for repair. If these cracks are structural then it should be addressed by the seller before you sign off on the property. Other times, the cracks are nothing to be alarmed about unless the wall has completely shifted.
Things Seller Should Disclose About the Property
There are things that sellers should always disclose about a property once they have knowledge of it. They should make these disclosures even before the home inspection is done. Here is a look at some of the more critical ones.
Home sellers should inform their buyers if there is any water damage or mole affecting the house. This falls under the “known deficit” discourse laws. Water damages include flooding inside the basement or leaking roofs whenever it rains.
If there were any repairs done to fix these issues then it should be made known to you as a prospective buyer. It is also important that the seller informs you about any pest infestation, especially if it is current.
Any treatments that were used to address the issue should also be disclosed to you. Lastly, disclose any repairs and insurance claims that have been made on the property as early as possible.
A Final Look to Help You Gain Perspective
Every house has its flaws, so as a buyer, it is important that you act reasonably and acknowledge that some issues will not be addressed by the seller. You can schedule home inspections to look at other concerns that will require immediate repairs. Avoid asking for repairs to be done on minor issues that can be remedied by you the buyer.
Ensure that the seller discloses all relevant details regarding the house and if there were any repairs that were made. You should also be aware of what happens if the seller does not make repairs before closing the sale.
It is important that you get a home inspection before you close a sale but it is also equally important for you to put the information that you get from the report into perspective. You don’t want to turn off the seller by being overly picky.
This is a case where you need to pick your battles. If there is something dire, then you should insist on repairs before you close the sale. However, for minor issues, you are risking a good deal if you insist on the seller doing repairs. They may get frustrated and move on to another buyer.
If you would like some help with inspecting a home, please contact us. We stand ready to give you a comprehensive report on any property you wish to purchase.