This blog article will consist of a discussion of the topic called an “Amendment to Address Concerns”. My experience marketing homes for sale in Harris County GA and Columbus GA , that this is oftentimes a potential deal breaker. After you have assigned accepted binding purchase and sale agreement, the due diligence period begins on the following day.
Typically this period is 10 to 15 days, as this allows time for the potential buyer to schedule a home inspection with a professional third-party home inspection company. Once the report is completed and received back to the buyer, he or she can sit down to discuss it with their agent in Columbus GA or Harris County GA. If the report has significant findings, then a determination is made pushback or ask for repairs to be made. This is put on amendment to address concerns form.
This MUST be signed and sent to the selling agent before the due diligence period expires. People looking for homes for sale in Columbus GA or Harris County GA should be reasonable in your request and select only items of significance to ask the seller to possibly repair or pay for these shortcomings. Do not be unreasonable and ask for an undue amount of little things. Try to think about if you received such a request would it be considered reasonable? Minor home repairs in Columbus GA that can be done after the agreement is closed by you should not be requested.
In my experience, when I represent a buyer and we have a situation to make an amendment to address concerns I become proactive and immediately get bids from legitimate vendors to estimate the cost of these repairs. For example, let’s say we had five items that were uncovered that the buyers concerned about. Big ticket items such as an old HVAC unit or an old roof item could actually be very expensive. Other items such as glass repair wood rot repair painting potential termites and the like could be of huge known unknown expense. Therefore I would coordinate with my buyer seeking homes for sale in Harris County GA or Columbus GA to get bids to get a cost so when we push back to the other side. We know exactly how what repair costs are for the five items equals $1500.
I schedule vendors for bids so when we push back to the seller we know the costs of repairs, before they do. I’ve actually done the job for the selling agent in this case. They may choose to get another bid with their vendors, but if we know that we are looking at only $1500. Doesn’t seem so be it for example in some cases I’ve had my buyers seeking homes for sale in Columus GA say look you know working asked for all of it were willing to settle for half of it an example would be by the seller does not want to pay for $1500 with repairs and they refuse or you push back and say hey will split the difference with you. Many homes for sale in Columbus GA if they go back and forth over 2-3 three times in the negotiation generally will become unraveled not work out.
Don’t lose a deal if you are a buyer over seller over a couple thousand dollars because you’re being penny wise and pound foolish. It’s usually a matter of the money. How much money are we talking about and who’s paying for. I had one situation where there were $6000 worth repairs, it seemed like a big gap that may not be able to be resolve. I proposed to the owners of homes for sale in Harris County GA said that they would put in $1500 for the home for sale cost repairs I would give up that potentially $1500 off my commission at closing. I called the other side and I cannot ask them or require them to take such an offer and once they saw that we were willing to split the cost, then both of them gave him $1500 dollars as well. The end result was an expense that resulted in a successful closing transaction. I certainly would rather have a reduced commission versus NO commission!
I call that creative financing. Also, I call it “good negotiating” or “thinking out of the box”. Another scenario would be for owners of homes for sale in Columbus GA both dig in their heels and neither one was willing to pay for these repairs. The buyer may come back and say let’s raise the sales price by X number of dollars and include in the loan. That is work several times in the different cell situations that I’ve had however the concern is will the property appraised. If additional items are added to the homes for sale in Columbus GA price, this could affect the home buyer’s loan due to the appraisal. Also, it could impact the amount of cash required by the buyer the required at closing.