How to Deal with Buyer Repair Requests
March 22, 2023
How should sellers of properties deal with repair requests from buyers?
As a part of standard purchase and sale contracts for Arkansas real estate transactions there should be a provision outlining the right to inspect the home, the time-frame for doing it and raising any potential issues. This remains true even in most ‘as-is’ contracts.
If the home buyer misses this deadline, then the seller is normally under no legal obligation to accommodate any tardy repair requests or release the buyer from the contract and return their earnest money deposit.
The same goes for last minute repair requests or items that are noticed during a walk-through on the day of the real estate closing, unless there has really been a material change, the place caught on fire, got hit by a hurricane or there are items missing that were to be included according to the written contract.
However, even if not legally obligated to do so there may be more sense in working with the current buyer for your home, especially if they are well qualified instead of going off hunting for a new one. After all, you could have the same issue with the next buyer inline and just be wasting time and money.
First time home buyers can be scared by inspection checklists that are thorough and highlight many non-essential or functional items. However, it still makes sense to do the math and carefully weigh the cost of letting a deal die.
Don’t skimp on repairs though. Expect all repairs to be inspected. If you hire an unlicensed contractor or do a shoddy DIY job you could just be creating a bigger problem that will cost you more money in the long run and that you will have to disclose to future buyers.
An alternative option to hold the deal together is to offer a credit or reduce the sales price which might be preferable for both sides in many cases. It means that they get to do it right or customized and you don’t have the hassle.
Read original article here: https://www.cthomesllc.com/2013/03/how-to-deal-with-buyer-repair-requests/