Even though I am a realtor with extensive experience in real estate, the word ‘inspection’ tends to make me, as well as many of my clients, uncomfortable. This is truly understandable. If you are the seller, you don’t want to lose the sale. If you are the buyer, you don’t want to lose buying the house of your dreams. Plus, add into the scenario, no-one wants to spend more time and money than necessary. All of that combined can make an uncomfortable situation.
Buying and Selling homes in Prescott, Arizona, is unique since the area has all types of homes. Prescott has 125 year old historic homes, senior mobile homes, new custom homes, starter homes, luxury homes, ranches, subdivision homes . . . the list can go on and on. At the time of sale, each home typically will under go an inspection. Here is a question that I receive often regarding the repairs that are pointed out during an inspection. Hopefully, this will help you when you are in a similar situation:
Q: The home inspection just completed on a home I have under contract turned up some issues. Should I insist the repairs be completed before closing?
A: It depends. Everyone wants a smooth closing and home inspection negotiations are definitely a place where a deal can fall apart. Here are some things you’ll want to consider:
- If you require the seller to make the repairs, do you think they’ll do as good of a job as you would? After all, they’re getting ready to move on to their next home. While the repairs must meet certain standards of quality, they might not measure up to your own high standards (though they technically fulfill their end of the bargain).
- Ask yourself, do the repairs matter in the grand scheme of things? Are you quibbling over some peeling linoleum in a kitchen you’re already planning to renovate from the floor up?
- The back-and-forth over repairs could delay your closing. Remember, actually getting the work done will involve selecting a contractor, scheduling the work, and final review of the work completed.
In lieu of having the repairs made before closing, you might decide to seek a cash-back credit at close of escrow. This way you can have the work done on your terms and your timeline after closing (and you might just offset some of those closing costs as well).
Negotiating cash-back at close of escrow is just one of the many reasons working with a real estate professional is to your benefit. Realtors are trained and take many – many (many) classes on how to make sure they are equipped to help buyers with the best strategies to make an equitable and smooth transaction. It is best not to navigate the process alone. You deserve a home in satisfactory shape! How it gets that way is often negotiable. I’m happy to help you with any questions you may have and make sure you get the most out of your next real estate experience! Contact me at (928) 710-9148.