From:
Christina
Sent: Tuesday, February 08, 2011 11:43 AM
To: Lohman, Linda
Subject: FW: Repairs
Linda,
What
can we expect when we
get to the repairs stage? We
want to be
able to properly budget.
Chris
Cary
NC Repairs a Necessary Part of Selling Your Home
Cary NC Repairs are a
necessary part of selling your home. When you
decide to sell your
home
that first thing most people think about is what
repairs will need to
be done. The trend these days, because it is a Buyer's
Market, is to do a pre
-inspection.
A pre-
inspection
is done by the seller before the
home
is listed for sale. This step allows for the seller to
address issues with the home before listing. Buyer's are very
picky during a Buyer's Market and have higher standards when selecting a
home.
While a pre-
inspection
will give sellers a piece of mind, buyer's will usually pay to have
their own
inspection done
after contract.
Once an offer is signed by all partied it becomes a contract and the
next step is an
inspection.
Buyer's are responsible for paying for the
inspection. It
usually takes place within the first week after the contract date.
In the
Cary
NC market we offer two alternatives for
inspection.
Alternative
1:
The
home
is
inspected
and the
inspector
provides and
Inspection Report
for the buyer.
Buyer has several days, stated in the contract to
submit a formal Request for Repairs to the seller.
Seller has usually 3-5 days, stated in
the contract, to decide which
repairs
to complete.
Your agents will negotiate the
repairs requests.
In the
Cary NC
market a
repair
is defined as a structural, mechanical, termite issue.
Cosmetic issues are not addresses. An item "must perform the
function for which intended and not be in need of immediate
repair".
Alternative 2:
Option money in the form of a check is
given to the seller to "take the property off the market during the
inspection period".
Buyer has an
inspection completed
and had a pare-determined amount of time to decide to buy or not buy
the home.
If buyer decides
not to buy the
option money is kept by the seller.
If buyer decides
to buy the option
money is credited at closing.
Both forms of
inspections
are routinely used in the
Cary NC market.
Cary
NC Repairs a Necessary Part
of Selling your Home was first published in
CaryRealEstateBlogger.com
- A Blog by Linda Lohman