What Repairs Should Be Made by a Home Seller After The Home Inspection

With real estate markets around the country on fire, it is not terribly unusual to see a buyer waive a home inspection contingency in order to increase their odds of getting an offer accepted. Sometimes this is not the most sound decision. Even homes that look like their in excellent shape can have serious defects.

If you are purchasing your first home it is essential to know you typically will conduct a home inspection within the first 10 days of your offer being accepted. You will hire a professional home inspector who will thoroughly comb the property for defects. The home inspectors job is to find problems, especially substantial ones.

Once the home inspection is concluded an excellent inspector will provide the buyer will a detailed copy of the inspection report. Usually the report will contain a description of the issue along with accompanying photos. Having both allows all the parties involved in the transaction the ability to easily decipher the problem.

The type of real estate market conditions, quite often determines what the seller will be willing to do. You might find that in a hot seller's market they are not going to agree to do much, if anything.

In a buyer's market, it could be quite different with a laundry list of issues being addressed without a problem.

One of the questions buyers often will ask real estate agents is what fixes are mandatory after a home inspection. The answer is none. A seller is never "required" to make repairs on their home. Essentially all homes are sold as-is. It will be at the seller's discretion whether or not they decide to make repairs or improvements.

What buyers should also know is that THEY may be required to rectify issues in order to get financing. Some mortgage programs - specifically FHA mortgages and VA loans have stricter condition requirements when granting financing.

You might be wondering how would the lender know if the buyer does not tell them?

When the bank appraiser visits the property they may flag certain problems. The appraiser, while not a home inspector will have a keen eye for blatant defects. Their job will be to report these problems back to the lender.

The conditions upon a buyer to receive financing could be to take care of these issues. In a case like this a buyer may be forced to come up with additional funds to have the seller address it.

If the issues is minor enough the buyer could do it on their own. For example, one of the common problems that an appraiser will flag is peeling paint. The lender might require a coat of paint to be slapped on the siding.

It is always a good idea to ask a lender upfront what fixes they will require that turn up from a home inspection. You can see some of the most significant home inspection issues that could be flagged in the detailed reference at Maximum Real Estate Exposure. Take a look for some excellent home inspection guidance.