Common Repair Requests
Chances are, there are many things your home that could do with repair. It may be a small item like replacing a plug-in cover, or a large item like a total roof replacement. Every item in your home has a different life span, right from the shingles to the concrete, and every appliance in between.
So if you are expecting your home inspection to come back with no repairs or needed maintenance, think again. Whether the home is new or old, a home inspection will turn up a list of repairs. The older the home, the longer the list may be.
The benefit of a home inspection is that the report will indicate whether these repairs are minor or serious. The report will also indicate whether the repairs in question require immediate attention, or can be worked on over time.
Expensive repair items reported on a home inspection are often brought back to the seller's attention and more often than not these times are renegotiated as part of an impending sale. This is actually a fairly common practice. If the buyer and seller can come to acceptable terms in order to hold the sale agreement together there are usually some concessions or alternations made to the contract.
It may be solved as a cash-back. The seller will grant a set amount of money (the cost of repairs) as a cash back bonus or pay out in benefit of the buyer at the time of closing. The buyer is to use these funds to make the appropriate repairs as stated on the agreement.
Another option is the Seller fixes the issue prior to the possession date, thereby giving the buyer a home with all the repairs completed before they own it. In some cases, if the repairs are involving health or safety issues, this is the only option. Most lenders will not release funds on a home with health or safety issues left unresolved at the time of possession. Therefore, the seller will be left with no choice but to make the necessary repairs prior to the closing date.
Below is a list of common repairs that may be requested by the buyer. Keep in mind that minor repairs are not forgotten; they are expected to surface in any home. It's the expensive repairs that are brought back to the bargaining table.
- Heating/cooling systems
- Foundation repairs
- Wood rot in decking or fencing
- Plumbing repairs or replacement
- Electrical deficiencies