Are you in the process of repairing home for sale in Philadelphia?Don’t Fix it. Sell it!
There aren’t many buyers, if any, that dream of their new home filled with a laundry list of maintenance affairs that have been given to them as a housewarming gift.
Alternatively, some buyers may not digest immediately, what sellers already understand, all houses aren’t new. Home repairs are important.
This is evident, primarily based off the fact that sales fall through because of failed repair negotiations alone. This doesn’t have to be the case. Marcie Geffner published a great article on bankrate.com that addresses those concerns.
Here’s what you should know if you are repairing home for sale in Philadelphia:
Responsibilities of repairs start with the contract.
The contract is the guideline of expectations and responsibilities. Repair contingencies are all outlined, and should be reviewed for clarity where needed.
The inspection and repair contingencies will be where the bulk of repair concerns can be addressed: the scope of inspections that can be performed by the buyer, time frames of inspections and the notice requirement and consequences.
Harvey S. Jacobs, real estate attorney for Joseph, Greenwald & Lake in Rockville, Md explains, “Buyers do need to be careful about what type of inspection and repair clause they need.”
Sellers or buyers, who does the contract benefit?
Some contracts allow buyers to obtain a general inspection, and give a copy to the seller. The repairs are outlined along with the dollar credit amount instead of the responsibility of the repairs.
The seller, of course can repair, approve the credit or make a counter offer and present to the buyer. These contracts are most beneficial to the buyer.
There are other contracts that allow a buyer to request an inspection, but not request any repairs or credits. This inspection serves for informational purposes only, and are most beneficial to the seller.
Let’s address the specifics
It is important that the agreed upon measures, repairs or credits, are discussed with a real estate broker or attorney. This will promote clarity and understanding of exactly what pairs are required and will be addressed.
In some cases this could extend only to “true defects and building code violations”.
Local customs may determine the avenue of negotiations. This could be addressed via email communication or phone communication.
Yet, it is important that it is addressed.
Real estate broker, Kent Temple credits a particular strategy to finding common grounds between the buyer and the seller.
“If I’m the buyer’s agent, I get a quote for the work, and I tell the buyers, ‘It’s going to cost $2,000. Do you trust the sellers to fix it or would you rather have it done to the quality you want? Why don’t we be fair and ask for a $1,000 allowance and everybody can go home happy?’ “
Temple further explains that his goal is to work a win-win situation.
Are you currently repairing a home for sale in Philadelphia, and seeking out a ‘win-win situation’?
Let us guide you into a successful sale.
Don’t worry about you repairing home for sale in Philadelphia we will buy it AS-IS. Don’t fix it sell it! Just call or text us at 267-908-3860.