Which Repairs are Bonita Springs Home Sellers Responsible For?
One concern many home sellers have is the inspection process and if they are responsible for repairs of items found in the home inspection process. In short, it depends upon which contract is used whether it is a NABOR contract or a FAR/BAR contract or even the FAR/BAR As-Is contract.
Case by case basis aside, most contracts used in the Bonita Springs area are the FAR/BAR contract or the As-Is version of that contract. The FAR/BAR contract carefully lays out what a home seller is and is not responsible for repairing. An example of typical handyman repair items would include GFCI outlets that don’t trip and need replaced, dripping faucets, doors that need adjusted because they won’t latch when closed. Most experienced listing agents in Bonita Springs can help you understand any of the contracts that could be offered to you. You should know this before you sign a purchase agreement with a buyer, also.
Unusual items such as cracked roof tiles, torn or missing screens for both windows and pool enclosures and even cracked floor tiles are explained on the contract as they vary from form to form. Your Bonita Springs listing agent should be able to easily explain the contract and reference line items to show why you would or would not be responsible for certain repairs.
There is a monetary cap for repairs requested by a buyer. Your listing agent can explain the amount or how to adjust the amount, if needed.
If a buyer has presented their offer on an As-Is FAR/BAR contract they are purchasing the property in it’s current condition however that is subject to inspection and acceptance of the inspection results. The buyer can excuse themself from the contract if they choose to do so during the diligence period. Should a buyer find something unexpected during their home inspections they can approach the seller to negotiate a repair or replacement of that item if they would like to stay in the contract. An experienced listing agent can help you negotiate the most beneficial solution should an unexpected or costly repair arise.
Remember, you should dance with the one you’re with so if a buyer’s inspection does find, for example, a roof leak you and your listing agent will have to either disclose the roof leak to the next potential buyer or arrange to have it repaired at some point. It is often wise to do your best to work out any surprise repair issue with the first buyer.
Last, offering the buyer a cash credit or credit on the settlement statement for repairs must carefully be structured as a credit for closing costs. Mortgage underwriting is touchy so this is something best discussed with the lender.
If you would like to learn more about the repair clauses in the local real estate sale contracts contact Chris Griffith 239-273-7430 call/text. Chris is an experienced listing agent in Bonita Springs Florida and a Certified Residential Specialist.