We found their OBX forever home. Love the location! Love the layout and lot size! The house obviously needed TLC and updating (paint, flooring, and a new kitchen) but still satisfied almost all of Mr. & Mrs. Buyer’s check boxes. After considering recent sale comps, my clients and I negotiated a fair sales price plus some closing costs. This kept this home within these buyers’ budget. (Did I mention that my clients love this house?)
The fun part is over, now the real work begins – hiring an OBX Home Inspector and getting through the OBX Home inspection. As usual, the OBX Home Inspection detailed some known issues, defined some suspected issues and unfortunately revealed some surprise issues. I was fortunate to be working with clients who had the reasonable outlook that a “used” house isn’t perfect and that known issues BEFORE signing the contract are typically not negotiable items AFTER the OBX Home Inspection. But, we still had to figure out how to resolve the surprise issues that needed immediate repair.
Although the cleanest approach would be to re-negotiate a lower purchase price, this was not an option for us because Mr. and Mrs. Buyer would not have the cash for these critical repairs after closing. In order for this sale to close, the Seller would have to fix the agreed upon critical issues BEFORE closing. Often this is not ideal for the Buyer because the Seller may determine the quality of workmanship of the repairs. The Buyer agreed to reduce the expenses paid by Seller at closing and the Seller agreed to use the licensed General Contractor selected by Mr. & Mrs. Buyer. This solution solved the concerns of both the buyer and the seller.
Solving OBX Home Inspection issues is never easy but with open minds and creativity it is possible to come to an acceptable solution for all. Although the Seller paid for the critical repairs, she was relieved that the property did not have to be re-listed. Similarly, the Buyers had to lay out more cash at closing but did not have to do any immediate repairs on their new home. I call this a Win-Win.
About the author:
Maggie Carroll is a Realtor and Transaction Coordinator with Scott Team Realty. Living and loving life on the Outer Banks of North Carolina. As a transplant from Queens, she enjoys finding vacation, investment or primary homes to help others make their dreams come true too! Always prepared for a tennis match – travels with racket and shoes.
phone: 252-202-7626 email: firstname.lastname@example.org