After sellers have “ratified” (signed) a contract to sell their home, the buyers will have some time to do their “due diligence” before the closing. Most request a home inspection to be done as part of their due diligence, to make sure the home does not have any problems. A home inspector will spend anywhere from one to four hours going through the home with a fine tooth comb, noting any defects and items that need attention or repair. The buyer’s REALTOR® will normally produce a “Repair Addendum” with all their requests for repairs for sellers to sign. Keep in mind that, unless sellers are offering the home “as-is”, buyers normally expect a home that is free of leaks, free of termite, mold and fungi infestation and/or damage, structurally sound, and safe.
Buyers will prepare the "Repair Addendum" alongside their REALTOR ® and include all of the repairs they would like the Sellers to perform.
We provide a variety of services throughout the real estate transaction to help our buyer clients make informed decisions. One of the key aspects of the buyers' due diligence is performing inspections such as the home inspection (which checks structural integrity, mechanical systems, appliances, plumbing, electrical, etc.) and the pest/termite inspection (which checks for termites, fungus, wood-eating insects, etc. and in South Carolina produces the CL-100 Report).
Some of our value-added services include:
- Recommending experienced home inspectors, termite inspectors, structural engineers, mold inspectors and other specialty inspectors, as may be required.
- Scheduling and attending inspections
- Helping interpret the findings of the inspections, write a list of requested repairs to pass on to the sellers
- Negotiating repairs or price reductions/concessions en lieu of repairs
- Protecting our buyer clients' earnest money and best interests in case of a dispute
In the end, almost every issue can be corrected, and it becomes a matter of how much it would cost to do so. We provide current market information and experienced advice, so our buyers can determine whether the total cost of purchase plus the cost of repairs make sense, or whether it makes more sense to walk away from the transaction and find a new home that is in better condition.
SellersWhen sellers receive the “Repair Addendum” from the buyers, they will:
- Sit down with their REALTOR® and determine the validity of the buyers’ requests;
- Estimate how much these repairs would cost to do;
- Sellers will assess with their REALTOR® the risks of just saying "NO" to buyers who are making demands they consider to be unreasonable (most contracts are signed “subject to inspections” so if you don’t arrive to an agreement for repairs that is satisfactory to both parties, the buyers can walk away from the contract and get their earnest money back)
- Sellers have the option to either do the repairs, or offer to pay compensation to the buyers INSTEAD OF doing some, or all of the repairs; the buyers may or may not agree with your proposal.
- Once both parties reach a satisfactory agreement regarding the repairs to be done by you prior to closing, hire licensed and reputable professionals who will guarantee their work, and give copies of their reports and invoices to the buyers at closing. Arrange to do the repairs as far ahead of time as you can, to avoid last minute complications which may jeopardize the transaction.
