During the process of searching for a home in Bend Oregon, you may come across the perfect house, but there are repairs that need to be made.
As the home buyer you’ve done your “due diligence” and hired a home inspection service than submitted your repair request to the sellers listing agent but what happens if the owner of the home that you’re interested in buying doesn’t make the repairs to the home that you’ve requested?
When purchasing a home the owner of the home (seller) is responsible contractually for making repairs to the home that have been negotiated between the buyer and seller but if the repairs are not made to the home as the buyer requested then the buyer has several options to choose from including:
Postpone Closing Until The Repairs Have Been Completed
This option isn’t one that the buyer or seller typically wants to choose because both parties are ready to move forward with their lives, but if it’s chosen, both the buyer and seller can extend their closing date by drafting an addendum to the sales contract.
Put The Repair Funds In Escrow
As the buyer, you want the repairs made, before you move in the home, and you also have the option to request that the funds be put into an escrow account until the owner has made the repairs on the home.
If the seller doesn’t complete the requested repairs by a specified date, you will be issued the funds and will have the ability to make the repairs to the home on your own.
Ask For A Credit From The Seller
Although this step could be risky since home repairs are often more expensive than originally thought it could be a smart decision for you to ask the seller for a credit, for the home repair costs, so the sale can close without any problems.
Go Back To The Table And Re-Negotiate
Last of all, but most important, if you’re not able to come to an agreement on what repairs the seller should make to their home you might want to sit down with the seller and re-negotiate what repairs they should make.
This step doesn’t always work out in the favor of the home buyer but it may enable you to close the sale with the seller and get into the home sooner, rather than later.
For more tips on how to deal with repairs before you purchase a home, or to view the latest Bend Oregon homes for sale, contact me today by calling: (541) 383-1426.