The inspector has specified these as areas that have potential problems.... but they both work.
2006-10-31 01:05:17 · 7 answers · asked by Hank T 1 in Business & Finance ➔ Renting & Real Estate
the buyer is responsible but the buyer could use the info to try to get the price reduced.
2006-10-31 01:14:12 · answer #1 · answered by jo_jo_baby2004 4 · 0⤊ 0⤋
Investor guidelines specify that a home must be free from structural defects and safety hazards. Your lender, if they are provided with a copy of the inspection report, may require that the roof be certified to have a minimum of 3 to 5 years remaining life. Even if they are not provided a copy of the report, the appraiser may call for a roof inspection if he feels that it is questionable. The AC may be another matter since it may be elective, however, don't be surprised if this repair is also required. As the home may not be financiable with out these repairs, the cost of them should be negotiated between the buyer and seller. This is where the services of a licensed Realtor really come in handy.
2016-05-22 16:48:37 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If my client were the Buyer, I'd advise them to get an estimate of the repair cost, and try to negotiate a credit from the Seller for that amount. What that means is that the price stays the same, the repairs aren't made, but the Seller is effectively giving the Buyer that money at the closing table.
They don't HAVE to agree to that, but more often than not, they do. There are other ways to handle it, like the Seller actually making the repairs, or buying a one year service contract that clearly covers them even though they are known, or by placing that money in escrow to pay for the repairs IF they are needed in the first year, but refunding it to the Seller if they are not.
2006-10-31 01:09:34 · answer #3 · answered by open4one 7 · 0⤊ 0⤋
Hello. I've bought and sold several homes through the years and have always negotiated that repairs be completed by the seller. This is done by a credit to the selling price (reduction in negotiated cost) or by actually having the seller make the repair. While the roof and A/C are not nessesarily urgent, they can both be very costly. Negotiate with the seller!
2006-10-31 01:22:58 · answer #4 · answered by lenniehart 1 · 0⤊ 0⤋
That's determined in the contract to be filled out...sometimes the cost of those repairs can be used to lower the purchase price.
But make sure you have them pay for a home warranty policy...cause even inspectors can miss something.
This will let you pay a small deductable to fix something that could cost thousands.
2006-10-31 01:15:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The seller is responsible only if the buyer pushes the things to be fixed, don't do anything until they step up, most times the buyer is going to make changes anyway, good luck
2006-10-31 01:08:51 · answer #6 · answered by edgarrrw 4 · 0⤊ 0⤋
Whoever negotiates the better deal for themself.
2006-10-31 03:33:47 · answer #7 · answered by kingstubborn 6 · 0⤊ 0⤋