When selling your home, there may be repairs needed after the home inspection in order for buyers to seriously consider purchasing.
To prepare you for this possibility, we have come up with some tips as well as a list of the most common fixes to be made as to avoid delaying your closing.
The inspection
When you receive your inspection contract, make sure you look it over with a fine-tooth comb prior to signing. You should understand whose responsibility it is to fix what.
It is also important to note that you do not have to fix every item a home inspector deems worthy of being improved. Some items are not detrimental to the integrity of the home and can be a matter of opinion. But what is required?
Repairs needed
Lenders require certain repairs to be fixed before they can grant a buyer a loan. These are as follows:
- Structural defects
- Code violations
- Safety concerns
Most of these issues reside in the attic, crawl spaces, chimney, and furnace.
Other possible areas of concern your inspector will check on will be issues with your:
- Septic system
- Heater
- Roof or termite damage
- Electrical or plumbing issues
More than likely, the responsibility of fixing these issues will fall on the homeowner. The easiest way to determine how to fix these issues is to receive quotes from a few different repair companies or contractors. There are two things you can do with these quotes. One, you can go ahead and have the work done. Or two, you can offer the quotes to the potential buyers with a credit to fix the issues themselves to expedite the process.
Repairs not required
Cosmetic issues are not required and even will be stated in the contract that buyers can not request for the seller to fix these issues.
With that being said, it is always a good idea to see what cosmetic issues may come up during a home inspection before you even list your home. This will greatly increase you selling chances and possibly put more money in your pocket.
Negotiable repairs
If you are in a hot seller’s market, you may have the opportunity to present an “as is” contract to the buyer. This states that they are aware of the repairs that need to be done and will handle them themselves.
If the market isn’t so hot, you can opt to offer a home warranty in exchange or to barter with the buyer. If they want the washer and dryer to stay, offer them those appliances in exchange for them fixing a repair with comparable value.
