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HOME INSPECTIONS:

 

Home Inspections - General Recommendations:

1.       Schedule as soon as possible, as to allow time for follow up action if required

2.       If possible, we encourage the buyer(s) to personally attend the inspection, so you can see the items noted by the inspector as they arise

3.      Whether at the inspection or not FULLY read the inspection report, and contact the inspector for any clarifications

4.      Assume in advance there will be items that need correction/repair/replacement; it is the inspector’s jobs to seek out and find imperfections and necessary repair items.

5.      Consider a specialist if recommended by the Home Inspector or if you are not comfortable with certain findings that might be best addressed by a specialist.

Home Inspections - Specific Advice:

1.       Put into context the costs of any repairs as relates to the cost of the property

2.       Consider repairing items today that may become more costly later

3.      One might want to consider a repair credit which will allow you to choose your contractor, and to better control the timing and repair, as well as maintain the relationship for the future.

4.      One might request a seller complete significant repairs especially if the cost is not determinable

5.      Consider that the seller may NOT be willing to make repairs or accommodate a seller credit.

6.   Consider getting a second contractor opinion, as price and ‘approach’ can widely vary

7.   Valuable Advise – Don’t let $500 or even $15,000 cost you your dream home.

 

Ironically, one seller might reduce their listing price or accept an offer for $100,000 less than asking; yet another seller may decline a legitimate request for $5,000 in repairs from a buyer. Often times repair request become 'personal'.  The psychology of repair requests is interesting as sellers are often defensive about the requests and take them as criticisms of their home, and can put up defenses that can skew the purchase.  Even though the inspector is an objective third party, seller’s can often be reluctant to offer a credit even if found problems are legitimate.

 

Mentally when the seller has accepted an offer price and the negotiation is closed, in their mind may feel that final offer acceptance was lowest they will accept.  They may also think the buyer is trying to reduce the selling price ill-legitimately.   Regardless of the rationale, this circumstance sets the stage for a disagreement between buyer, and seller, and it is in everyone’s best interest to address this rationally.

 

Whether a repair request is $500 or $50,000 the overall amount should be considered with respect the final purchase price of the property and overall value proposition of the property.  

 

Although our firm has yet to lost an escrow due to a deadlock on request for repairs, it is one of the top reasons why an escrow may fail.  The better prepared you are, the better outcome you can expect to have.