Every house has something that is less than ideal, and these surface during home transactions. As a buyer, how do you ask for repairs in a way that won’t scuttle your deal? For sellers, how do you work with buyers to ensure any repairs are acceptable?
0:42 – Introduction. We’re talking about repairs!
1:04 – How do inspectors make money? They go through a home and categorize issues into 3 categories: red, yellow, and green. Red NEEDS to be fixed. Yellow SHOULD be fixed. Green is information only. The buyers get that list, and most freak out. Knowing what’s coming helps buyers deal with a list of “imperfections” on a house — even brand new homes!
3:06 – Examples of some items you might get…on an addendum. Oh man! Listing repairs (in non contract language can totally kill your deal!) Requested repairs need to be specific and clear; and written in contract language. Start verbally or in email. Once you’ve agreed upon repairs, use contract language to describe explicitly what will be done. Make sure it could stand up in front of a judge!
5:38 – Repair requests happen in a two-part process: 1) the request, and 2) the confirmation. “Repairs have been made to buyer’s satisfaction,” doesn’t contractually resolve the repairs. The underwriter doesn’t care if the buyer is satisfied — the underwriter cares that a home is “safe and sound” and could be collateralized should the buyer fail to repay. If a repair appertains to “safety” or “soundness” the underwriter will NOT allow a transaction to proceed until they see that issue is resolved (in an addendum).
7:17 – What’d we learn today?
7:47 – Aric’s naked out. Write your addenda right so you can have luxurious soft water as well!
9:12 – Bloopers.
*No repairs were harmed in the filming of this real estate discussion.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage’s Jason Christiansen, and Hive Collective at Presidio’s Tyler Cazier and “Mr. Suit” Aric Wiszt.