Accepting an offer to sell your Downbeach home is relatively easy these days. It’s currently a seller’s market in Ventnor, Margate and Longport.
But don’t pop that champagne cork quite yet. You will likely get a visit from the buyer’s home inspector, even if the property is marketed ‘as-is’.
What repairs are sellers responsible for after a home inspection?
Let’s start with required repairs. Most inspections come back with some items that may need immediate attention. However, as the seller, don’t have to fix every item the inspector recommends.
While no repairs are legally mandatory for sellers, there are common ones that sellers must take care of in order to close the deal and satisfy the buyer.
What must you get fixed? Any structural defects and safety issues. A deteriorating roof, faulty electrical system, leaky pipes, or problems with the HVAC system may also be high up on the “fix it” list for buyers.
If you don’t fix them before closing, offer a credit to the buyer to pay for the repairs later. If not, you risk losing the sale.
Optional repairs to consider: Cosmetic issues are the buyer’s responsibility. Light scratches on the floors, counters, windows, slightly worn carpet, small discoloration of wood flooring from exposed sunlight, etc., falls under the “normal wear and tear” category. They’re the buyer’s responsibility, not the seller’s. If you fix these items before you place the property for sale, you may get a higher priced offer.
Negotiating home repairs.
Most repairs suggested by a home inspection report are up for negotiation. This is especially true in a seller’s market. Sometimes, a buyer may just want a credit to take care of the big stuff. At other times, you might throw in some furniture or an appliance.
You may also want to include a one-year home warranty to help alleviate buyer concerns.
Talk to your REALTOR® first to determine which items absolutely need to be addressed in order to close the deal.
Sherri Lilienfeld
6601 Ventnor Ave – Suite G3, Ventnor, NJ.
sherri@apexprime.com
609-287-1795
609-487-9996