Tehama Country Real Estate

Tehama Country Real Estate ��� Who is responsible for repairs during a home sale? M repairs to ensure the purchase goes through, or they will accept a lower purchase price to compensate for any questions arise during the home-buy- ing process. Buyers looking at homes that require a good deal of TLC may wonder who is responsible for the needed repairs, which the buyer will then make. the home's repairs, particularly if such repairs are Buyers might want to hire a good real estate attorney needed to secure a certificate of occupancy. Depend- to write clauses into the contract to protect their intering on the situation, there is no clear-cut answer. ests. This allows the buyer to forfeit the sale and walk There is no perfect home, and things that are accept- away from the contract should an issue arise. able to the current owner may not be acceptable to the buyer who is looking to become the next owner. The The rules often change when buying a home that is home-buying process is typically a careful coopera- a short sale or in foreclosure. A home that is in distress tion between buyer and seller to find a middle is typically in this situation because the current ownground. The buyer may have to make some conces- ers cannot afford to pay their mortgage, and thusly, sions, as will the seller. Ultimately, it is this coopera- are not able to afford repairs. According to Think tion that often determines if the sale goes through or Glink, a money-management Web site, buyers may is terminated. try to negotiate repairs with the seller, but they shouldn't assume that sellers (or lenders in the event Before any negotiations can begin regarding repairs, of a bank-owned home) are responsible for the it is adviseable for a buyer to have an independent repairs. Generally speaking, most short sales and foreinspector come out and look over the home and prop- closures are sold "as is" and may even specify that erty. Most real estate agents will suggest this be done repairs and requirements for the certificate of occuas a first priority -- even before a contract is entered on pancy are the buyer's responsibility. A buyer also can the home. An inspection will unveil any potential ask to have the home price reduced to cover the problems in a home and indicate things that the buyer repairs. But foreclosures are often already deeply dismay not be aware of, including items that do not meet counted. with code or could be unsafe. An inspector also may point out problems that could cause a mortgage Buyers should know that, for a home that is not in lender to give pause. This may mean the lender will foreclosure, there are some repairs that should ultideem problems unsafe and refuse to fund the mort- mately be the responsibility of the seller. If these gage until repairs are made. repairs are not made, a buyer should think strongly about walking away from the deal, according to A copy of this inspection report should be sent to Why6Percent.com, a real estate marketing site. the home seller to review with his or her attorney and Such repairs include: real estate agent. The buyer working with his own * lender-required repairs that could impact home real estate attorney and agent can petition for certain safety repairs to be made. Many sellers will make such * leaky pipes * water penetration issues, including a bad roof * unsafe decking or handrails * wet basements or crawl spaces * insecure foundations or obvious structural damage * poorly functioning sewer lines or septic system It is always adviseable for buyers to speak with a reliable real estate attorney and a trusted real Home buyers may be able to negotiate that sellers repair major structural issues, such as a leaky roof. If not, negotiate a lower sale price. estate agent to guide them through the process of buying a home. These people can help buyers navigate the important decisions that can affect the home they'll be living in for the next several years. 3

• Cover