Location: Iowa
Submitted 02/22/12 08:21 AM

Q. We are selling our house and have agreed on a price with a buyer. Myself and buyer are both represented by a realtor (both from same company, one being the owner). This buyer was prequalified and the financing process is taking place. The buyer is having inspections done and so far have been told that she has been told there are some minor issues. The house was built in 1979. Is it common for the seller to have to correct any and all issues highlighted by inspectors.

 

Answer #1
Submitted 05/29/12 07:16 PM
Karen Feltman, Relocation Specialist (Cedar Rapids/Iowa City, IA Skogman Realty): Real Estate Agent in Cedar Rapids, IA Karen Feltman, Relocation Specialist (Cedar Rapids/Iowa City, IA Skogman Realty)
Real Estate Agent
Cedar Rapids, IA

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A. Depending on the purchase contract you have used as well as the guidelines for the inspection contingency, sellers may be expected to correct any major, mechanical, safety or health related issues. In other words, a leaking water heater, yes. Caulking the tub, no. Based on the age of the home, most buyers and their agents will recognize that the home cannot be expected to meet current local building codes. Depending on the property, radon may be a factor as well as insuring that a septic is up to code in order to transfer the title to the property. Before you decline to have repairs done, consider if any reasonable buyer may ask for the same should this buyer choose to walk away. Sometimes it is best to negotiate a compromise for the repairs by offering a credit to the sellers to make the repair after the closing by a contractor of their choice. Good luck in the sale of your home!

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