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...Read More
New Oven: $500. New Wall: $3,000 One of the stealth issues for prospective home Buyers is the old-but-still functioning wall oven — often times, two of them. The risk, which rises with the oven’s age: that the model has been discontinued, and there’s not a same-size replacement. When that’s the case, the fix isn’t just a new...Read More
The Easy Way . . . and the Hard Way The Buyer’s inspection revealed a material defect in the home that the Seller doesn’t dispute. Both parties want to stay in the deal. What are their options? Option #1: the Seller fixes the problem, prior to closing. Here are the related steps: Buyer and Seller...Read More
Rules of Thumb Veteran Realtors know that $1 in deferred maintenance subtracts much more than that from a home’s sales price. The ratio can be 3:1, 4:1 or even higher. While the exact amount is house and buyer-specific, at least anecdotally, there seem to be two factors that widen the discount. One. Price Point. First-time Buyers are notoriously...Read More
“Nobody Ever Washed a Rental Car” — Home Inspection Edition Normally, the condition of such things as TV satellite dishes, security systems, and water softeners is very important to home Buyers doing their inspection. After all, if they don’t work, post-closing, it’s the Buyer-now-Owner who’s on the hook.* So, what is the one exception to that? When...Read More
Other “Votes”: the Lender, Local Municipality, and Insurer Unbeknownst to the Seller, the Buyer’s inspection uncovered a material problem with their home that the parties agree should be fixed. When that happens, who takes care of it? The short answer: “whomever the parties agree” (at least if no one else has a say — see...Read More
