It’s not a secret that it has been a seller’s market for the past few years. Many homeowners are still taking advantage of this market to get big bucks for their homes! Whether you’re looking to upgrade or downsize your lifestyle, it’s always nice to get a fresh start. Unfortunately, the home selling process is never that easy. There are many road bumps that might pop up, even once you get to the final stages of selling. A common issue that many sellers are not prepared to deal with is a buyer requesting repairs after the inspection. So, what should you do in this case and how can you prepare?
Why Do Buyers Request Repairs?
Before someone purchases a home, a home inspection is typically done. The goal of a home inspection is to identify any issues with the home, no matter how big or small. Once the buyer knows what’s wrong with the home, they may request for the seller to cover the cost of the repair before they’ll complete the purchase.
The reason for the buyer’s requested repairs depends on what’s being requested. If an inspection finds a major issue like a leaky roof or failing furnace, the value of the home goes down. Mortgage lenders will not pay more than they believe a house is worth. That means either the buyer or the seller has to fix the issue before the mortgage loan can be approved. It’s no surprise that the buyer would rather have the seller cover the cost.
Negotiating Repairs
Buyer-requested repairs are called requests for a reason; Sellers aren’t necessarily required to meet that request. However, if they don’t, they do risk lowering the value of their home and losing a buyer. Before you pay for buyer-requested repairs, consider your negotiation options.
Major issues that impact the function, safety, or efficiency of the home are usually worth paying for. Minor issues that are more cosmetic won’t cause the buyer to lose a mortgage loan, so don’t feel like you have to pay for everything found on the home inspection. Speak with the buyers to determine what the most important repairs on the list are.
Alternative Solutions
If you’re not prepared to pay for any repairs, there are some alternative options. These include:
- Lowering the list price of the home
- Barter with appliances or other items that would raise the overall value of the home sale
- Offer to cover the closing costs if the buyers cover the repair costs
Leave it to a Professional
Negotiating your own home sale is harder than it seems. There are a lot of policies and laws you need to know, as well as general knowledge on how to find common ground with a buyer to reach an agreement. Hire a REALTOR® to handle the sale of your home so you won’t have to do it yourself! Your REALTOR® will act as a translator between yourself, the buyers, and their real estate agent.