Items that Trigger a Purchase Agreement Amendment, Post-Inspection
Want to know how much it costs to fix a cracked chimney cap?
A veteran Realtor probably does.
Ditto for a new roof, boiler, electric service panel, or central a/c.
However, it’s a good bet that the same agent has only a rough idea how much it costs to paint the exterior of a home.
How come?
Inspection List
Because — unlike the other capital items — exterior painting doesn’t come up during Buyers’ inspections.
That’s because prospective Buyers can plainly see the condition of the exterior paint before they make an offer — and therefore are barred from raising the issue later (at least if they’re acting in good faith).
By contrast, defects in roofs, boilers, and chimney caps are all things that typically are only discovered upon closely examining the home, as the Buyer’s inspector does once there’s an executed contract.
If the inspection discovers a material defect — and the Buyer wants to stay in the deal — the Buyer and Seller will typically each get their own estimates, then negotiate a price reduction that averages the two.
See also, “The Difference Between a Home Inspection Addendum and a Repair List“; “Handling Issues That Come Up on Inspection: Two Options“; and “Home Buyer’s Inspection: When to Bring In Reinforcements.”
