When you buy a home and something comes up in an inspection, you have two options for repairs.
A question we receive often is about what to do when you have purchased a home, it’s under contract, you had an inspection done, but problems are found. Generally, you have two different options. Either the seller needs to repair the issue or they will give you the money to repair the issue.
If the seller makes the repairs, you won’t have to deal with it. Also, if something else breaks while they’re fixing the first issue, they’re obligated to fix the second issue as well. The downside is that the seller could make repairs that aren’t up to your expectations, so you’re taking a risk that the seller may not do as great of a repair as you would have.
“There are advantages and downsides to both options.”
On the other hand, the advantage of taking money from the seller is that you decide how to make the repairs. The downside is that if something happens, you’re responsible for paying for and repairing further issues that may arise. For example, if you’re fixing one pipe and another one breaks in the meantime.
When a situation such as this arises, think about these two opposite options and decide which works best for you and which is better in your particular circumstances. We have dealt with both, and I personally feel that neither is better than the other.
As always, if you have any questions about making repairs or real estate in general, reach out by phone or email. We’re happy to help.