Should the Charlotte Home Seller or the Buyer Pay for Repairs?

If you’re thinking of selling your Charlotte home, you will definitely want to hire your own inspector to spot problem issues, so those problems can be addressed BEFORE listing your home.   Here’s why…

Homes that are in excellent condition, in a great location and priced at market value typically sell very quickly in this market.  Say a Charlotte home for sale goes under Contract within a week of listing.  That listing remains on the market as “Under Contract, Continue to Show” throughout the entire Due Diligence period.  That period is negotiated but, is typically approximately 30 days.

Buyers will have their inspectors comb your home for repair items and if something is noted on the inspection report–and sometimes can even be the smallest of items–the buyer has the right to walk.  Some buyers will wait until the very last minute during the Due Diligence period to let the Sellers know that they are terminating the Contract.

When the deal falls through, and your home goes back on the market as an active listing, you’re already a 37-day old listing.  Future buyers will inquire why it has taken so long to sell your home.  Not only will they ask “what happened” but, as the longevity on the market extends, the sales price is significantly reduced.
Pre-inspections, regardless of the age of your home, are a small investment in garnering top dollar for you when you ultimately sell your home. The buyers inspectors WILL find items that could need to be addressed but, the larger, more glaring items will have already been repaired and will no longer be an issue for your buyer.

“Some items in inspector’s report are more likely to trouble buyers.”  This is one of the main reasons that a pre-inspection is so imperative.  We’ve seen it time and time again and know that this approach works wonders for garnering top dollar for our Charlotte home sellers.

I always make two recommendations to Charlotte home sellers regarding their buyers’ Due Diligence Repair Request:

1.  If you were planning to stay in the home for another year, which of these items would YOU address as the homeowner.  Oftentimes that brings clarity to the severity of each individual item.  Sometimes it helps to put yourself in the buyers’ shoes.

2.  Is the $500, $1,000 or even $5,000 price tag on the requested repairs worth jeopardizing the transaction?  Think about the carry costs for you.  Depending upon the cost of a mortgage, chances are that these buyers may walk if you declare an As-Is property after the fact, they walk and then you will be out that month’s payment; you will be going back on the market and starting the process all over again.  That is NOT good for you as a Charlotte home seller as you will also experience another side effect of letting your first buyer go –longevity on the market results in a lower sales price.  Your next Offer will almost certainly NOT be comparable to the first one.

If you’re thinking of listing your Charlotte home for sale, give us a call at (704) 491-3310.  We’re happy to share our home seller tips with you and get you on your way to a successful home sale!

 

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www.iCharlotteHomes.com | SavvyBroker@me.com | Should the Charlotte Home Seller or the Buyer Pay for Repairs? Sound advice for Charlotte homeowners thinking of selling their Charlotte home in the future.