Tips For Negotiating Repairs
Most buyers imagine only having one set of negotiations and that is at the beginning over price and contract terms. The reality is there are several times when you will have to negotiate and asking for repairs is one of them. The repairs are brought up right after the inspection is completed and review. Knowing what to ask for, cost of the repair and which are a must is key.
I strongly believe being prepared is key to negotiating repairs efficiently. Knowing what all you will ask to be repair, how much they costs and what you might be able to do yourself later is important. First the most important is what you will be asking to repair, ask yourself what is a realistic concern and what is excessive. Many sellers will be asking themselves that very question right up front, so be sure you can justify it. Is the market in a position where a buyer may get everything they want repair or maybe just bare minimum items? Know ahead of time what is important and what is negligible. My top five concerns for repairs are foundation, roof, HVAC, plumbing and electrical, anything else is minor in a hot market.
What will those repairs cost both in dollars and in time. Is it realistic to ask for a certain repair if the seller can’t afford it. Will the repair delay closing or is it even realistic for the seller to repair as opposed to buying a property as is. Know if what you are asking for is realistic and affordable to the seller. Asking to repair the roof might be expensive and time consuming but at the same time very important.
Is it realistic for all your repair request to be completed? I often tell my buyer clients to list them in order of importance and decide ahead of time which they can go without. What I mean is knowing ahead of time that if the seller counters with three repairs instead of the five you requested what will you do. I suggest you play that scenario ahead of time instead of while it is happening as you are limited on time. Realize the possibility of the seller not doing all the repairs is possible so be prepared on how you will react ahead of time.
Negotiating repairs can be a tense moment to some but with a little preparation the negotiations can be easy. Be prepared to expect a counter from the seller, know how much the repairs costs, ask yourself if it is something you can do yourself later and which repairs are a must. Keep these tips in mind and you will come out of repair negotiations much happier with your results.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
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Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
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