Portland Real Estate Questions: Will Sellers Do ALL The Repairs?
If you've been in real estate for any length of time, you know that there are three elements which sum-up a property that's FOR SALE: Condition, Location and Price.
Condition of the property is one of the concerns many buyers have. Many properties that are currently on the market will be bank foreclosures, REO's and short sales. With these types of listings, there usually are no repairs made by the sellers. They are sold AS iS and are priced to sell in their present condition.
With traditional sales, unfortunately in this current climate, owners that have their property on the market may not have the financial ability to take care of any repairs.
For a traditional sale, meaning no bank owned, REO or short sales, there can be room for negotiations on repairs. But, again, with some sellers, there might not be any room left in their budgets.
The purpose of having a home inspection done during the inspection contingency of a real estate transaction is two-fold:
- Buyers can ascertain the condition of the property through the inspection findings
- Buyer can use the repair report to try to negotiate repairs with the sellers
The legal language found in our Real Estate Sales Agreements states:
"Buyer shall have ___ business days (ten  if not filled in), after the date Buyer and Seller have signed this agreement (hereinafter "the Inspection Period"), in which to complete all inspections and negotiations with Seller regarding any matters disclosed in any inspection report."
Repairs are not a given. Negotiations of repairs are provided for in the contract. What the Sellers will negotiate is never known and is subject to many variables including: what the buyers are requesting, the sellers willingness and/or financial ability to perform repairs, etc.
The Buyers are within their right to revoke the Sales Agreement during the Inspection Period.
Read my previous articles:
- Portland Real Estate Questions: What is an "AS IS" Provision?
- Portland Real Estate Questions: How Can I Find a Good Home Inspector?
- Portland Real Estate Questions: Will Sellers Do ALL The Repairs?
- Portland Real Estate Questions: Is This Property Priced Right?