You have decided to sell your home, buyers have started to come to check out the place during open house, and you are hoping that you will get an offer any time soon. However, you have to be aware that sometimes the offer may come with requests to make potential fixes to the home before they sign of and make the deposit. Read below to find out how to protect yourself in such situations and what you can do if this type of situation arises.
Your contract is the key to protecting yourself. Therefore, sit down with your agent and closely examine all the stipulations of the contract. In order to protect you from any requests of the buyer the best thing to have in the contract is the clause where the buyer has to purchase your house as is or if an inspection is done it is only for information purposes without the need for you to fix or pay for any required repairs. However, most contracts will contain a clause that the purchase is dependent upon a home inspection, in this case you as the seller may be forced to fix any structural defects. As a seller you also want to be aware of the market conditions as this can also impact your position and control over the possible request that a buyer may have after the home inspection.
In a seller’s market where there are only a few homes for sale that many buyers are competing for, most will even pass the home inspection due to their desperation. However, it is exact the opposite in a buyer’s market, in this case there are many home up for sale relative to the number of buyers that are searching to buy a home. In this situation the buyer can afford to a bit pickier and they will definitely be more aggressive in asking certain things to be done on the part of the seller in order for them to actually buy the home. If you want to avoid such situations then make sure to choose a period where the seller has the upper hand.
When all is said and done, at the end of the day an inspection is unavoidable and if the inspection comes up with structural repairs that need to be taken care of it is better to fix them because you will run into this barrier with every other potential buyer that you face in case you decide not to repair it and the first buyer opts out. However, minor cosmetic changes should not be something of worry and you should not make these type of changes even if the buyer threatens to opt out.