The inspector has specified these as areas that have potential problems.... but they both work
2006-10-31 01:08:04 · 7 answers · asked by Hank T 1 in Business & Finance ➔ Renting & Real Estate
this can be a condition of sale(repair before buying) on the shoulders of the current owner, or you could plead necessary repairs to have them lower the asking price.
2006-10-31 01:11:57 · answer #1 · answered by boots 6 · 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.
2006-10-31 10:48:50 · answer #2 · answered by mazziatplay 5 · 0⤊ 0⤋
In Ohio, this a a portion of the contract that can be negotiated after the inspection period. It is all really based on how the original contract to purchase and inspection contingency are worded.
Most often there is some middle ground reached between the buyer and the seller. If you are using a Realtor, this is part of their job to handle and advise you on.
If you are not using a Realtor, I would suggest that if there was an inspection clause in the contract, the buyer submit a written proposal to the seller of what he/she is requesting be done and the seller respond in writing to see if a middle ground can be reached.
So much depends on how the original contract was written, so I would read through that with a fine tooth comb and maybe ask the advise of a Real Estate Attorney or Realtor.
2006-10-31 11:57:48 · answer #3 · answered by julsells 2 · 0⤊ 0⤋
As for roof, if there are only one or two year left according to the standard life of roofing material, you could ask the seller to give you credit for future repair. It's done all the time. The same with AC. if it's 20 years old, go ahead and ask for credit. If they agree (all or part) it will be basically a discount on the sales price. If you tell them to fix it now, they will most likely disagree.
2006-10-31 09:13:47 · answer #4 · answered by spot 5 · 0⤊ 0⤋
You can point out the problems to the seller and ask for a reduced price and do the repairs yourself. Or you can ask that the seller put money in escrow until he does the repairs. Discuss the options with your realtor. If you are using a reputable, knowledgeable realtor there shouldn't even be the need for a lawyer.
2006-10-31 09:20:56 · answer #5 · answered by Patricia S 6 · 0⤊ 0⤋
caveat emptor: Definition and Much More From Answers.com
Caveat Emptor was The Word on the Colbert Report on September 13, 2006 when talking about James Frey's book "A Million Little Pieces," and was translated by Stephen as being Latin for "Tough Titty."
2006-10-31 09:12:46 · answer #6 · answered by Anonymous · 0⤊ 0⤋
if I'm the buyer I insist the seller make & pay for the repairs.
2006-10-31 09:10:39 · answer #7 · answered by Anonymous · 0⤊ 0⤋