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
