In many parts of the country, real estate sales and continually increasing prices have been on a six-year romp.
With sellers firmly planted in the driver’s seat, a significant percent of homes have been sold “as-is” with little or no regard for repairs.
As we begin seeing shifts in some markets, however, requests for repairs are beginning to reappear like spring flowers after a long winter freeze.
Because many newer real estate agents have never written a request for repairs, we are seeing “requests” that are totally unrealistic.
Of course in today's low inventory market, it is challenging to get seller to pay for everything buyer is requesting so there is a balance to be reached in order for the deal to go through.
It’s time to re-examine the rules of engagement:
1. It is reasonable to ask for roof and termite clearances. In normal markets, buyers have historically asked for roof and termite clearances. To facilitate this, most roof and termite inspection reports come with cost estimates.
Termite reports come with section one (any actual damage from infestations of wood-destroying insects or organisms such as fungus) and section two (items that are likely to be affected by termite in the future but no existing damage).
2. Get credit from the seller at the close of the escrow to let buyer fix the items he is requesting to be repaired. This way the deal is assured and buyer will get to make the fix in his
own way once he occupies the property.