How to Buy a Home, Step 8- Repair Period

You have done your due diligence and have had your home inspections completed. If your home is like many k5sjajgbtfw-nolan-issachomes, there are some habitability issues that will need addressed. Some homes are sold AS-IS, in which case the seller will not make any repairs and you will be responsible for those repairs after the sale. Other homes, the seller and you can negotiate to have repairs made by the seller. This is the Repair Period- buyer and seller negotiate on what and how repairs are made.

It’s a smart idea to gather estimates of work you want completed to submit along with any repair requests as this can facilitate repair negotiations. Usually, the seller gives a little and the buyer gives a little, and you can reach an agreement, but sometimes repair negotiations get sticky, and every now and then the inspections reveal something that the buyer is unprepared for and the seller is unaware of, and the buyer decides not to proceed.

The Dayton Area Board of Realtors purchase contracts have a clause, once you get the results of the home inspections, if there are any habitability issues that were discovered that cannot be negotiated, or the buyer does not want to tackle, the contract can be terminated. However, by this point, you’ve likely spent money on inspections and other fees so it’s not a small thing to walk away from the contract. One of the reasons I look for flaws when we initially see the home is that while I am certainly not an inspector, there can be potential problems that you might want to know about before you make an offer.

If you are a home seller, you should consider a pre-listing home inspection, which would uncover a lot of these potential issues before you even put your home on the market, giving you time to deal with these problems without being under a contract.

This is also the time any potential liens or problems with the title are discovered and dealt with.

You May Also Like…

Finding LGBTQ-Friendly Senior Housing

Finding LGBTQ-Friendly Senior Housing

A Place For Mom has excellent advice on how to find assisted living and senior housing for LGBTQ residents. This is a real concern. It’s not uncommon for someone who is a senior to have lived an open life. Why would they- why should they- go back to a life of hiding who they are?

Why This Real Estate Market Is Not Like 2008 Again

Why This Real Estate Market Is Not Like 2008 Again

Why This Is Not Like 2008 Again During the Great Recession, just over a decade ago, the financial systems the world depended on started to collapse. It created a panic that drove some large companies out of business (ex. Lehman Brothers) and many more into bankruptcy....

6 Foundational Benefits of Homeownership in Huber Heights Today

6 Foundational Benefits of Homeownership in Huber Heights Today

Buying a home in Huber Heights is also an investment in your financial future.

Net Worth: Homeownership builds your net worth. Today, the median household net worth of all homeowners is $254,900, while the median net worth of renters is only $6,270.
Financial Security: Equity, appreciation, and more predictable monthly housing expenses are huge financial benefits of owning a home. Homeownership is truly the best way to improve your long-term financial position.


Submit a Comment

Your email address will not be published. Required fields are marked *