Buyers who don’t want to accept a property as-is can ask their agent to check Paragraph 7D(2) in the One to Four Family Residential Contract (Resale) and write in “repairs to be listed following inspections.”
Fiction. Altering the contract terms by adding language in Paragraph 7D(2) that does not list specific repairs could result in the agent being charged with acting negligently or incompetently if a complaint were to be filed in connection with the transaction. Buyers should only choose Paragraph 7D(2) and direct their agent to add repairs if the buyers know of specific repairs that they want the seller to complete at the seller’s expense.
This is true and agents should follow instructions of their clients always. However, I advise my clients that having a repair item be called out by a professional inspector is better than us trying to put a “contractor” hat on before negotiations even begin. Technically, this is what the option period was designed for.
Great point Victor!
True, but there are some things that my buyer may not want to leave to negotiation and definitely wants it done. I.e. Tree limbs cut and removed from over the roof.
I have written in specific and obvious repairs before. Things that would most likely be lender required repairs, rotten wood, missing paint, etc. The intent was, that if the seller will NOT fix those repairs, we are not paying option fee and an inspection fee if we know up front he won’t repair those items. Saves everyone time, headache, heartache, and my buyer money.
Thanks John, I agree with you.
Thank you, John. That makes sense.
Yes!
I have only recommend repairs, when it’s something the seller is already committed to doing. Such as we know the roof will be replaced next week.