Property inspections are common in most real estate transactions, and are recommended even in the hottest markets. The question becomes what do you do when the inspector's report comes back with items listed in need of repair. Whether you're the buyer or seller, just keep a cool head and approach the repairs logically.
Focus on the major habitability issues. Minor repairs are not the ultimate goal of the inspection process. Major repairs should be handled as soon as possible, in order to avoid any delays in closing.
Once the buyers have secured quotes for repairs, they should present their requests to the sellers either for the repairs to be completed or to be given a dollar amount for the repairs. The sellers may also choose to get quotes for the repairs, and if there is a significant difference, the two parties may negotiate how the repair will be addressed.
Either party may complete the repairs, but sellers who are busy preparing to move may offer a dollar amount to the buyers so the buyers may have the repairs completed later with contractors of their choice. Once agreed to, the final terms of the arrangement should be put in writing, and then signed and dated by both the buyers and sellers.
Whoever accepts responsibility for the repairs should have paid receipts for all of the work done so it can be shared with the other party. Proper documentation of each repair will protect both parties and ensure a smooth and successful closing
