Inspection Repair Costs, Who Pays?

Selling

Placing a home for sale?

Then you may be concerned with repair costs. One concern from many home sellers is the inspection process and whether they are responsible for results found in the home inspection process.  Well, the answer depends on whether or not you are using the FAR/BAR or NABOR contract or whether the FAR/BAR is an AS-IS contract.  

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Most contracts in Bonita Springs and throughout LEE County are FAR/BAR contracts or an AS-IS version of the FAR/BAR. The FAR/BAR contract distinguishes what a home seller is entitled to repair.  

Experienced Listing agents in Bonita Springs, throughout Lee and Collier counties, can help you understand any of the contracts presented to you. You should understand what you're paying before you sign. 

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Items like cracked tiles along the roof,  cracked floor tiles and torn or missing screens are explained on a purchase contract and your Bonita Springs Listing Agent can easily explain the contract and reference line items and explain why or should or shot not be responsible for certain repairs.

Generally, there is a monetary cap on repairs that can be sought by a buyer. Your listing agent can also explain these details and how to adjust the cap if you would like.

If a buyer has placed an offer on an As-IS FAR/BAR contract they are buying the house in its current condition, but they are allowed an inspection window that's typically 14 days be can vary from contract to contract. The buyer can then excuse themselves from the contract if they choose to do so. The buyer can negotiate with a seller if they find something that needs repair during the inspection for the seller to repair or replace the item for the buyer to stay in the contract. A listing agent with experience can assist you with negotiating the best solution if an unexpected or hefty repair bill is presented. 

Remember once, a fault is made aware to a listing agent, he or shell will have to disclose the information to the next buyer. It’s best to make reasonable repairs prior to listing your home for sale in Bonita Springs.

Finally, if you decide to offer credit or cash at closing to the buyer to settle repairs, it must be carefully written as a credit for closing costs.  Mortgage Underwriting can be a big tricky and this is something I would recommend you discuss with an experienced lender. 

 

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Call Me (941) 677-8255 jhendricksrealty@gmail.com Find A Home or See What You House Is Worth ---->Professional Assistance  Bonita Springs Real Estate

 24031 S Tamiami Trl Ste 101
Bonita Springs, FL 34134

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