The Channel you have requested is no longer available.

Midtown Tulsa Real Estate - Lori Cain

Home Repairs and Disclosures – negotiating home repairs

Home repairs and disclosures are something every home Seller needs to discuss with their Realtor before marketing their home for sale, because eventually they will be negotiating needed home repairs. If you know that you have wood rot around your windows, for example, repair them before you market your home for sale.

My colleagues and I recorded a video titled “Inspections and Repairs, What Should Buyers and Sellers Expect?.” In this video, Rich Cederberg, Jeff Dowler, Bryan Robertson and I discuss types of inspections typically done, how repairs are negotiated and disclosures.

home repairsIt’s important to note that repairs are handled differently in each state, and this blog post addresses how repairs are handled in the Oklahoma Real Estate Contract.

Our disclosure which must be filled out prior to listing by the Seller asks if a variety of items are in working order. Additionally, it asks whether the property has ever been damaged by flood, drainage or grading problems. There are questions about water seepage, foundation repairs, termite damage, encroachments affecting the property and more. The Seller is to answer these questions to the best of their ability and provide explanations of items that may have been damaged and repaired.

The Buyer will request a dollar amount in their offer that represents a cap of what the Seller will be responsible for in repairs. This amount is based upon information discovered in the disclosure – plus what the Buyers and their Realtor may have observed when viewing the property and conducting their due-dilligence. This repair cap is agreed upon, along with other components of the offer BEFORE the Buyer has the opportunity to conduct inspections.

Home Repairs and Disclosures – negotiating home repairs with the Seller

home repairs in real estateIf the result of inspections alarms the home Buyer and/or if the estimate for repairs exceed the cap agreed upon in the contract, either party may cancel the contract. This is a critical time in the transaction for level heads to prevail and compromises be made.

In one recent transaction, my Sellers’ home had live termites and a SIGNIFICANT amount of wood rot. The repair estimate FAR EXCEEDED the repair cap. Thankfully, our Buyers were not scared away and asked for all repairs to be made.

Had my Sellers not been able to keep this transaction together, they would have to MODIFY their disclosure to reflect the findings of the inspection – whether the repairs had been made or not. In this case, they would have to make these repairs for any future Buyer, so it made sense to forget the repair cap and make all requested repairs. Appraisers may also note defects and require repairs to be made prior to closing.

In summary, it’s advisable for home Sellers to prepare their home for sale and make known needed repairs BEFORE the home is marketed and inspected. It doesn’t matter whether you have beautiful hardwood floors or a stunning granite kitchen island if your windows are rotting out due to lack of maintenance.

Some Realtors encourage a pre-inspection of the property to help Sellers identify potential problems, and I’m a proponent of that action in some cases.

If you are interested in selling your Tulsa home for sale, please learn more about our listing services and do please give me a call! 918-852-5036

Content written and published by Lori Cain.

Copyright 2014 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 eXp Realty serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

 Google Me

Comment balloon 2 commentsLori Cain • March 30 2014 07:49AM
Home Repairs and Disclosures – negotiating home repairs
share
Home repairs and disclosures are something every home Seller needs to discuss with their Realtor before marketing their home for sale, because eventually they will be negotiating needed home repairs. If you know that you have wood rot around your… more
Home Buyer Etiquette
share
Home Buyer Etiquette If you’ve recently sold a home, you’ll probably have many thoughts to contribute regarding home buyer etiquette There’s nothing like trying to fit in a home showing when you have to transport kids to sports activities,… more
Contemporary updated 3-bedroom Tulsa home in Union School district
share
MLS# 1407760 Offered at $148, 500 7538 East 78th Street, Tulsa OK This stunning one-level contemporary home in the Union school district is located on a quiet cul-de-sac and is absolutely move-in ready. The front has been meticulously… more
And you wonder why the first Tulsa Realtor didn’t sell your home?
share
I’m listing a midtown Tulsa home for sale that didn’t sell the first six months it was on the market, and the Seller wants to try a fresh approach – a new Realtor Now, I assumed that the Seller had been living in her home for sale, because… more
Midtown Tulsa Bungalow for sale near TU
share
Offered at $169, 900 MLS #1402389 Enjoy a virtual tour of our home! This darling Craftsman style bungalow is less than two blocks away from Tulsa University and nestled in the heart of beautiful midtown. Part… more
To quit smoking – my journey
share
To quit smoking – my journey My last cigarette was November 19, 2013 at 4:30pm Every smoker knows the date, the hour and the minute of their last cigarette, where they were when they smoked it and a multitude of details leading up to that… more
Our Christmas Gift to each other
share
My husband Demetrius and I do not exchange Christmas gifts Instead, we have a Holiday Dinner buffet and invite our friends who otherwise have no place to go, or don’t want to cook for just two people This is our sixth year for this… more
My “Me” contract for 2014 – cutting expenses, getting free stuff
share
I haven’t actually input my 2013 expenses, but I know I spent too much money on items that provided no return There’s a lot I invested that was well worth it, but much was just thrown out the window. So my 2014 plan is to… more
Refinishing and refurbishing hardwood floors with coconut oil
share
Refinishing and refurbishing hardwood floors with coconut oil Refinishing and refurbishing hardwood floors is something we do a lot of in midtown Tulsa, and I’ve discovered a miracle treatment for this project – coconut oil Our… more
Minimum Credit Score Requirements For FHA Loans 2014
share
This is one of the best posts I've ever read about FHA financing - it covers it all. Even though you might pay a higher interest rate with a low credit score, I can almost promise you it will be less than you're paying in rent. Call a Lender and… more