Do Sellers Have to Make Repairs?
Typically, buyers include a home inspection contingency in their purchase offer in order to have an inspector conduct an inspection on the home and give them a full detailed understanding of the condition of each component of the home. From the inspection, the buyers can ask the sellers for repairs/replacements, if needed. It also gives them the ability to get out of the contract if the seller refuses or if the condition is unacceptable in the buyers opinion. In the event the buyers ask for repairs, the seller can respond in several ways.
They can readily agree to fix the problem, no matter how expensive.
They can agree to fix any problem that’s a safety or potential legal issues, such as mold or radon remediation, but decline minor repairs such as filling in and painting over picture hanger holes in the wall.
They can refuse to fix anything, but risk losing the buyer. For safety or code issues, they’ll have to declare the problem on subsequent seller’s disclosures, which could impact the home’s value to future buyers.
They can offer to lower the price of the home to cover the cost of the repair for the buyer or offer a closing credit to the buyer to pay for the repair without lowering the price of the home. That way the buyer can complete the repair to their liking.
They can ask the buyer to meet them halfway, such as paying more for the home if the seller repairs something major, or replaces the roof.
They can ask the buyer to waive additional repair requests if the seller will fix the worst or most expensive problem.
Sellers should know that FHA, VA and other government-guaranteed loans have stricter requirements for home safety and that some repairs are mandatory for the buyer’s loan to close.
If you have any questions on inspection requests in the current market or specific questions about your current home, please don't hesitate to call me!