The Channel you have requested is no longer available.

Midtown Tulsa Real Estate - Lori Cain

Which home repairs is a Seller required to make?

Home Buyers and Sellers often ask which home repairs a Seller is required to make and when do the repairs have to be completed? As happens often in real estate, there is not an answer that applies to all real estate transactions.

It depends.

It depends on what is negotiated and whether there is financing involved. If the Appraiser (not the Inspector) requires something to be repaired, that is not negotiable - it must be done and approved prior to closing. buckling wood need repairs

If the financing is VA or FHA, there is less flexibility than if the financing is Conventional.

If the Buyer is paying cash, there is no Lender to satisfy. Otherwise, the repairs are negotiated several times throughout the transaction.

If the amount or complexity of the repairs overwhelm the Buyer, the Seller may need to spend above the amount anticipated in order to hold a transaction together.

Conversely, if the Buyer got a great deal on a property, he or she might want to be conscious about keeping their repair requests low and make remaining repairs on their own after closing.

It’s the time of year that inspectors, repairmen and all real estate professionals are completely booked. My preferred inspectors are booked out two weeks, as is my photographer. My repairman is working 16-hour days, and so am I.

For this reason, we are getting more creative about repairs and when they are done. It is okay to complete repairs after closing (unless it is an Appraisal Requirement), but get everything that you negotiate IN WRITING.

Which home repairs is a Seller required to make?

In the state of Oklahoma, we negotiate a repair cap before the Buyer ever does inspections. If the requested repairs exceed the agreed upon cap, either party may be released from the contract and earnest money is returned to the Buyer.

However, this is when level-headed Realtors work together to keep a contract together. Some re-negotiation may occur after inspections, and everyone needs to remain focused on the bigger picture.

I represent both Buyers and Sellers in midtown Tulsa real estate transactions. If you would like an experienced Realtor to help you negotiate repairs, please give me a call! 918-852-5036

Content written and published by Lori Cain.

Copyright 2011 Lori Cain All Rights Reserved - Originally Posted at: Midtown Tulsa Real Estate - Lori Cain


Let's Get Connected!

Lori Cain on Google Plus Lori Cain on Pinterestyou tube logoFacebook logoTwitter logoLinkedIn logoRSS logo

Please visit my web site if you are shopping for Tulsa homes for sale or call 918-852-5036 for more information about Midtown Tulsa Real Estate. In addition to my advanced grasp of the internet to market your Tulsa home for sale, I include a home staging consultation with every listing AND professional photography - at no aditional cost to you!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

 Google Me

Comment balloon 3 commentsLori Cain • July 31 2015 07:28AM
Which home repairs is a Seller required to make?
Home Buyers and Sellers often ask which home repairs a Seller is required to make and when do the repairs have to be completed? As happens often in real estate, there is not an answer that applies to all real estate transactions. It depends. It… more
Full brick bungalow for sale - midtown Tulsa
1424 S Delaware Place, Tulsa OK 74104 MLS # 1536541 Offered at $135, 000 This beautiful find in Rosemont Heights in midtown Tulsa displays such wonderful architectural detail inside and out. The full brick bungalow features a bold red wooden front… more
Florence Park Bungalow for Sale Midtown Tulsa
1731 South Delaware Avenue, Tulsa OK 74104 MLS 1534858 $200, 000 SOLD 1st day on market! This darling Florence Park bungalow is a vintage restoration, 100% updated Handsome hardwoods, tile floors, granite counters, SS appliances, custom cabinets,… more
Home Sellers - preview your competition
If you are getting ready to sell your home and are wondering what to do to get it ready to sell, go preview your competition Visit open houses in the neighborhood and check out some homes on Realtor. com - how does your home compare to those You… more
Home Inspections - a snapshot in time
Home Buyers conduct inspections prior to their home purchase and must understand that the inspection results are merely opinions of the inspector and reflect a snapshot in time There is no guaranty that each inspector will identify every flaw or… more
One-Level Brick Home in Edison Schools Midtown Tulsa
4020 S Atlanta Place, Tulsa OK 74105 MLS #1533244 Offered at $375, 000 This home is a stately brick one-level home on cul-de-sac in prestigious Oak-Crest neighborhood in midtown Tulsa It includes a formal living area, formal dining, a den open to… more
Midtown Tulsa Bungalow for Sale – Florence Park South
2131 S Florence Avenue, Tulsa OK 74114 Offered at $160, 000 MLS #1530061 Charming 2 bedroom brick home with handsome hardwoods, spacious rooms, updated kitchen with granite, sunroom for office or small den, inside laundry, deck for entertaining,… more
TYPros’ annual Street Cred event May 2015 Midtown Tulsa
TYPros (Tulsa's Young Professionals) is hosting Street Cred, an annual event that focuses on community redevelopment in a specific neighborhood. Their mantra: when no area of Tulsa is neglected, the entire city benefits. This year’s event will be… more
Craftsman Bungalow in Maple Ridge – near Cherry Street
1508 S Newport Avenue, Tulsa OK 74120 Offered at $235, 000 Welcome to this charming Craftsman bungalow in Maple Ridge celebrating its 100th birthday this year True to its historical nature, this Craftsman has the original clapboard siding, corner… more
Costs Incurred by Seller and Buyer on a Cash Real Estate Transaction
Home Buyers paying cash are often surprised that they pay closing costs in addition to the purchase price, so here is a guideline of what costs are incurred in the state of Oklahoma The Seller pays a few less items when their Buyer is paying cash… more