if im buying a house from a for sale by owner and some repairs need to be done, who pays?

Answer 1

part of the purchase negotiations and the sales contract; usually the seller.

Answer 2

The repairs should be negotiated in the original purchase agreement. If the repairs are found after the fact, an addendum can be made to the contract for the seller to make the repairs before the act of sale. (which should be verified and inspected). If they chose not to make the repairs, you as the purchaser have the right to void the contract or make them yourself. Situations like this are one of the many reasons to use a realtor to sell property. It would also be in your best interest to have a home inspection done by a professional. It will probably cost you around $300 but even if you decide after that not to buy the house, that is a small price to pay when you could be looking at thousands of dollars in repairs after the fact.

Answer 3

Often it is the seller, but these are negotiated points. Look closely at your local market, if sales are down or this property has seen a price drop or been listed for a long time then use your leverage and get the best deal.
In these markets sellers are finding they have to offer more to get the sale. There are some good articles on buying property at yourpropertypath.com, see if there is some help for you there

Answer 4

depending on how the contract reads. The seller may not be responsible for any repairs, or there may be a price window for repairs due to the home inspection. If the appraiser is who mentioned the repairs then the seller should be responsible if not the loan company will not be able to the fund the loan with major repairs on the property.

Answer 5

From what I have heard, this can be negotiated with the seller. A lot of times, a paint or carpet allowance can be given in the form of a discount off the top of the price of the house, or just in cash. If the seller doesn't offer this upfront, I think it would be okay to ask them if they would be willing to offer it, explaining that you really would love to buy the house, but you would need to make some repairs to it.

Answer 6

It all depends on the contract. There is usually a right to request repairs section in purchase and sale agreements.

The way those blanks are filled in would determine how the requests for repairs would be handled.

Answer 7

Its all built into the contract.

Say for example you come to negoiate a price of 200k. Then before the final contract is signed you get a home impsection. And you realize that roughly 2k worth of repairs needs to be done. You go back to the seller and tell them in the contract you need to either fix these repairs or give you 2k credit towards. They will either say ok or tough luck. Normally people are so anxious to sell they will agree to it.

Answer 8

either OR, you're in negotiation stages, deal it out to what you can live with or go on the the next home and possibly make a better deal.
going headstrong into a deal because of some deal breakers...sit back and take a breathe of fresh air and let the world take a few turns . you may see the light and then again the seller may also and come around to see it in your favor. give the seller time to sweat a little.

Answer 9

Quite simply -

There are certain things the seller is required to fix.

Other items can be negotiated in extra closing money or a lower purchase price.

Whoever does your home inspection can make the distinction. If you have a good broker, they will negotiate this for you as well.

Answer 10

You need to highlight these repairs to the owner, and only sign the contract once he has agreed to do them ( some written evidence that he is going to pay for it. Once the deal is signed, then no going back.

Answer 11

It will have to be negotiated before the sale. If this question is after the sale then your inspector should have seen the repqirs if they are major. If they weren't discovered and the sale went through then I am afraid the burden will be on the buyer.