Question about resolution of home inspections

Question about resolution of home inspections

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Question about resolution of home inspections
  #1  
Old 08-20-2019, 07:10 AM
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rjn5656 rjn5656 is offline
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Default Question about resolution of home inspections

A lot of buyers require a home inspection of used homes before closing. My question is what responsibility does seller have to fix items identified on inspection. Most of what I see is routine maintenance, not major issues.

I always thought seller was responsible for major items over a certain Dollor amount.
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Old 08-20-2019, 07:16 AM
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Tom C Tom C is offline
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Good Question!

I have found that everything is negotiable. When we sold our last home, our realtor specifically stated that we (as the seller) would fix anything that was “Health or Safety” needed. Cosmetic issues would not be addressed.

I believe this is best to be ironed out BEFORE the inspection is done. You may also want to determine WHO is the authority if an found item is a “Covered item” or not.

Good Luck!
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Old 08-20-2019, 08:00 AM
retiredguy123 retiredguy123 is offline
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I think, typically, the sales contract requires the seller to repair the defects up to 3 percent of the contract price. If they exceed 3 percent, then the seller can refuse and the buyer has the option to cancel the sale, or they can renegotiate the price. But, if the seller agrees to repair the defects, then I don't think the buyer can cancel the sale. I don't really see the difference between a routine maintenance item and other issues. If the seller has failed to maintain the property, shouldn't that be a valid inspection issue?
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Old 08-20-2019, 08:03 AM
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raynan raynan is offline
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I would think you would only be required to bring everything up to code. Everything else would be negotiated or not from the sale price.
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Old 08-20-2019, 08:44 AM
Robbie0723 Robbie0723 is online now
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Negotiable as others have noted.

Another approach to save time is to get estimates and then offer a (50%) credit of the total at closing.
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Old 08-20-2019, 10:13 AM
NotFromAroundHere NotFromAroundHere is offline
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The seller is responsible for items that do not function as intended or adversely affect the habitability of the dwelling. The seller shall repair or replace such items at a cost of up to 3% of the purchase price of the home. If the seller refuses, the buyer may cancel the purchase.

If the contract states that it is an "as is" transaction, the seller is not obligated to fix anything. But, again, if items show up in the inspection, the buyer can back out.
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Old 08-20-2019, 11:55 AM
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Good question.....the simple answer is everything up for negotiation.

It all depends what the contract says. After that, everything is simply an opinion. Much depends on if it is a buyers or a sellers market. In a seller's market, the seller has much less incentive to fix anything because he knows that he can find a buyer who will not burden him with repairs, who will buy the home "as is".

In a buyer's market, where homes sit for weeks without an offer, the buyer can request almost anything....if the seller wants the deal to close, he will do it.

Personally, I have a different and somewhat unique viewpoint on this. Sellers for the most part will fix issues in the cheapest manner possible, and the repairs might be sub-standard. Often they might have known about the issue, but did not really care until it because a stumbling block to the sale....so they might fix it fast, cheap and not as well as you as the buyer would like it to be fixed.

Whenever I buy a used home, I will point out the issues that are significant, and figure out how much the repair will cost, and offer a fair price for the home, minus the cost of ME having the repairs done. If the accept that offer, fine...if not, then I will pass on the home.

I as a buyer do NOT want to seller to do the repairs. I buy the house as is, for a price that factors in the needed repairs.

The problem lies in sellers who want, and often get, top dollar for a home that does need a lot of repairs, and buyers who want a brand new perfect house for a "used home" price. Common sense and the market need to prevail.

There are always 3 factors to a home selling....price, location and condition.

This is a topic that can be discussed for hours....location is not something easily changed, condition suitable for the sale varies...I have bought great homes for a great price because I like homes that need some work, then I have seen houses that might look nice, but have huge underlying problems, (the lipstick on a pig, flipper type house), and everything in between.

On an older home you can often tell if it was well taken care of or not. Every house has a fair price based on condition and location. Expectations need to be based on the market and the condition of the home.

Frank
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Old 08-20-2019, 12:29 PM
retiredguy123 retiredguy123 is offline
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I agree that everything is negotiable. But, as a buyer, if you don't want the seller to fix inspection defects, then you need to negotiate that issue before you sign the typical sales contract in Florida. Otherwise, the seller can choose to fix the items and does not need to negotiate a lower price. I don't think the buyer can cancel a sales contract if the seller agrees to repair the inspection defects. And, the home inspection usually is done after the sales contract has been signed by both parties.
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Old 08-20-2019, 02:41 PM
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Quote:
Originally Posted by Tom C View Post
Good Question!

I have found that everything is negotiable. When we sold our last home, our realtor specifically stated that we (as the seller) would fix anything that was “Health or Safety” needed. Cosmetic issues would not be addressed.

I believe this is best to be ironed out BEFORE the inspection is done. You may also want to determine WHO is the authority if an found item is a “Covered item” or not.

Good Luck!
A Villages listing is as Tom points out is Health or Safety but includes items not functioning as designed would need to be repaired. The limit is 1.5% of the purchase price. The buyer can cancel without loss of deposit if seller does not want to repair or costs exceed 1.5% and they do not want to fix it. They will have to disclose this when they try to sell to someone else. So if the roof leaks they would need to repair it. If the stove did not work they would need to repair it. If they choose not to the buyer can walk with his deposit and the seller would have to disclose this to any future buyers.
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Old 08-21-2019, 09:46 PM
VApeople VApeople is offline
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Quote:
Originally Posted by rjn5656 View Post
My question is what responsibility does seller have to fix items identified on inspection.
I think the seller has absolutely NO responsibility.

I doubt the contract between the seller and their realtor states that the seller will promise to "fix items identified on inspection".
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