Whether you’re currently in the middle of buying or selling a home or don’t have plans to do so for quite some time, this message is one you’ll definitely want to check out—it could help save you a lot of time, money, and hassle.
Today, we’ll be discussing everything you need to know about how to win when negotiating repairs.
Did you know that repair-related disagreements are the second-most common reason real estate deals fall apart? It’s true. Thankfully, by following just a few simple tips, you can make sure that your repair negotiations go smoothly and successfully.
Here are our top three tips:
1. Take your emotions out of the equation. Buying and selling real estate can be a very emotional experience. This we know. But, it’s important to remain objective and level-headed when you talk about repairs. If, for example, you’re selling your home and a buyer complains about a detail of your home that you don’t see an issue with. Try to remove your personal biases and see things from their perspective. You don’t necessarily have to resolve the problem, but you should at least consider it.
2. Get everything in writing. Our Northeast Florida Association of Realtors Purchase Agreement states that, “all work will be completed by appropriately licensed individuals.” If you, as the seller, plan on doing some of the work yourself. Be sure to get it in writing and agreed upon by the buyer! Otherwise, you’ve breached the contract and risk losing the deal. Similarly, be as detailed as possible with the items that are being repaired. I’ve seen many a scuffle begin because of unmet expectations around how a particular home maintenance task was accomplished. Putting all agreements into writing (with as much detail as possible) will help both parties avoid unpleasant surprises when closing day arrives.
3. Resolve repair requests through a credit rather than by completing repairs. Often, having the seller offer the buyer a closing cost credit is a better option than trying to orchestrate repairs prior to closing. Alternatively, the seller may adjust the purchase price to compensate for the amount the buyer will have to spend on repairs.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.