Here at M&A Law Firm, P.C. we are here to help our clients through all stages of the real estate buying and selling process. These are big transactions that can have lasting financial implications. Taking care upfront, at the beginning of the process can have major benefits and pave the way for a smooth transaction. Bumps in the road can come up quickly. For example, many buyers will struggle with the home inspection review and requests for appropriate repairs process. We are here to help guide you through all of the ins and outs.
What Should a Buyer Consider During the Inspection Review and Requests for Appropriate Repairs Process?
Almost all real estate contracts will contain an inspection contingency clause. It will state the buyer’s and seller’s options should the home inspection reveal any needed household repairs. The contract should be clear on the terms and explicitly state the rights and responsibilities of all parties. Commonly, the seller will have the option to repair the problems or elect not to do so.
Making requests for appropriate repairs can be a delicate process and buyers should be aware of this. A seller’s patience and understanding with repair requests may not be endless. If you are entering the transaction in a seller’s market, a seller may have even thinner patience for such requests. While you want to get some things accomplished through the request for repairs process, you do not want to push the seller into walking away from the deal altogether. Especially if you have found your dream home.
Pick which repairs are really important to you and what you can reasonably expect a seller to attend to prior to closing. Things like the roof, electrical, or plumbing are usually very important and will have a significant impact on life in your new home. Cosmetic issues will usually not affect your use of the home too much. Additionally, cosmetic issues are generally easy and low-cost to repair.
When there are repairs that need to be made and you are not willing to negotiate on them, it is a good idea to put off as many closing expenses as possible until you know the repairs have been made. This is money you will not get back and you will not want to put out unless you know the deal will have a successful conclusion. Get the inspection done early and >put off things like a title search and survey until all necessary repairs have been made.
Also, consider having the home inspector recheck the house to make sure all repairs are complete before closing. Do so prior to the final walk-through. It would be very poor timing to find out repairs have not been properly made on the day you are supposed to close on your new home.
Helping You Successfully Close On Your New Home.
Buying a new home is an exciting time. It can also be a stressful one. It is a big transaction and everyone wants their new home to be as close to perfect as possible. M&A Law Firm, P.C. is here to help make this happen. Proudly serving Cook County and Schaumburg, Illinois, M&A Law Firm, P.C. is here to create an estate plan that will protect the future well-being of you and your family.