After the sale Buyer Inspection

Recently I had a house sell and the buyers requested the right to do a buyers' inspection at their cost.  This is common and in today's market close to 100% of the buyers make such a request.  I told the seller this is typical and not to get too upset.  She wanted to put a dollar limit on how much she  would be willing to repair.  She had agreed to a lower purchase price and was not eager to reduce the price further.  I suggested she not put a cap on the amount of repairs and lets see what the inspection results were.  Inspections are done in Minnesota by private inspectors.  They are not licensed or have requirements to be an inspector.  They can belong to trade organizations.  These inspections are done by a wide variety of inspectors.  The inspection can take as many days as stated in the purchase agreement.  I don't think it should take more than four days.  This contract said two days, so the seller did not have long to wait.  The contract said one day after the inspection the buyers would respond.  Again, this was good as it was a short time and all parties would know soon as to if the offer would hold together.  In writing the buyers stated what they were willing to do and what they wanted the seller to do.  What I look for are vague requests. Such things as ,seller will have furnace certified ,are open ended.  What will happen if the furnace can't be certified?  Will the seller have to replace the furnace or is the buyer OK just knowing it can't be certified.  I don't really like sellers making repairs because they do it from their point-of-view and never seem to make the buyer happy.  You don't want to find out at the walk-through prior to closing that the buyer is unhappy with the work.  Buyers can ask for the seller to pay a dollar amount in closing costs or reduce the purchase price by a certain amount.  There are various ways to handle issues that result from the inspection.  The points to keep in mind for inspections are:1)don't  have long periods of time between purchase and inspection and inspection and results2)have requests following inspection be in writing and word specific3)have all parties be responsible as there is not a perfect house yet buyers want the best that they can get for their money.Two good Realtors can make the inspection process go smoothly.

 

 

Date: Wednesday, February, 6th 2008 @ 05:40:37 PM
Views: 220

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