Midtown Tulsa Real Estate - Lori Cain: Which home repairs is a Seller required to make?

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

 Google Me

Comment balloon 5 commentsLori Cain • July 31 2015 07:28AM

Comments

Well done, Lori Cain 

This is often a tough issue and deals sometimes fall apart over repairs. Getting it in writing, both what is requested by the buyers and what is agreed to by the sellers, is essential. It's fairly common, espeically when sellers are moving out of the area or already have moved, for them to offer a credit in lieu of repairs in the form of a credit at closing - "toward recurring and non-recurring closing costs"

 

Have a great weekend

 

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude - Carlsbad (Solutions Real Estate ) almost 3 years ago

Thanks Jeff Dowler CRS - yes, we do the credit in lieu of repairs often. Have a great weekend!

Posted by Lori Cain, Midtown Tulsa Real Estate Top Producer (eXp Realty) almost 3 years ago

We even have a repair cap for VA or FHA financing.  And although the lender won't finance if the needed repairs go over the set cap the seller doesn't HAVE to do them.  Although in most cases it's what they should do and typically do.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) almost 3 years ago

It's always a learning experience here in the Rain to discover how states do things differently Tammy Lankford - thanks for your input!

Posted by Lori Cain, Midtown Tulsa Real Estate Top Producer (eXp Realty) almost 3 years ago

A very helpful post, Im glad I came across it in the AR's data base.

Posted by Winston Heverly, GRI, ABR, SFR, CDPE, CIAS, PA (Winston Realty, Inc.) almost 2 years ago

Participate