Tips For Negotiating Repairs

Tips For Negotiating Repairs

Most buyers imagine only having one set of negotiations and that is at the beginning over price and contract terms.  The reality is there are several times when you will have to negotiate and asking for repairs is one of them.  The repairs are brought up right after the inspection is completed and review.  Knowing what to ask for, cost of the repair and which are a must is key.

I strongly believe being prepared is key to negotiating repairs efficiently.  Knowing what all you will ask to be repair, how much they costs and what you might be able to do yourself later is important.  First the most important is what you will be asking to repair, ask yourself what is a realistic concern and what is excessive.  Many sellers will be asking themselves that very question right up front, so be sure you can justify it.  Is the market in a position where a buyer may get everything they want repair or maybe just bare minimum items?  Know ahead of time what is important and what is negligible.  My top five concerns for repairs are foundation, roof, HVAC, plumbing and electrical, anything else is minor in a hot market.

What will those repairs cost both in dollars and in time.  Is it realistic to ask for a certain repair if the seller can’t afford it.  Will the repair delay closing or is it even realistic for the seller to repair as opposed to buying a property as is.  Know if what you are asking for is realistic and affordable to the seller.  Asking to repair the roof might be expensive and time consuming but at the same time very important. 

Is it realistic for all your repair request to be completed?  I often tell my buyer clients to list them in order of importance and decide ahead of time which they can go without.  What I mean is knowing ahead of time that if the seller counters with three repairs instead of the five you requested what will you do.  I suggest you play that scenario ahead of time instead of while it is happening as you are limited on time.  Realize the possibility of the seller not doing all the repairs is possible so be prepared on how you will react ahead of time.

Negotiating repairs can be a tense moment to some but with a little preparation the negotiations can be easy.  Be prepared to expect a counter from the seller, know how much the repairs costs, ask yourself if it is something you can do yourself later and which repairs are a must.  Keep these tips in mind and you will come out of repair negotiations much happier with your results.

With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate.  I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.

Have questions about this or other topics, don not hesitate to contact me.

Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.

Luis Cuevas, Realtor®

RE/MAX Cross Country

1990 Justin Road

Highland Village, Texas 75077

(214) 783-0535

Luis@MakeNorthTexasHome.com

Check out my website for more helpful tips:

http://MakeNorthTexasHome.com

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Top 5 Repairs I Look For In An Inspection

Top 5 Repairs I Look For In An Inspection

So the inspection has been done and you are overwhelmed by the report, what repairs are of concern and which are not?  Here are my top 5 repairs I look for when going over an inspection.

Let’s start by acknowledging that no home is perfect and no inspection comes back perfect either.  Also there are more than five items of concern however these are my top five in no particular priority.

1. Roof - This is a non-negotiable item because it is just that important.  A roof is so important that an insurance company will inspect even after you purchase the home.  If they determine repairs are needed or even replacement they will not cover it and ask that you make the repairs with in a certain period of time.  What happens if you don’t?  They will drop your coverage, which remember you lender expects you to have insurance.  Can you see why this is a non-negotiable?
2. Foundation - North Texas is covered with clay just underneath the dirt and when that gets to dry it can cause problems with your foundation.  Foundation problems can be small & inexpensive or they can be overwhelmingly expensive.  Not only will a damaged foundation be an issue but dry wall damage, structure and even plumbing issues within the slab.
3. Plumbing - Plumbing is a necessary function of the home and without it the house is more like a nice shed.  Also this has to be repaired by someone who knows what they are doing which is why a licensed professional is needed.
4. Electrical - This is the same as plumbing, you don’t want to have the seller do these repairs themselves it is best to leave it to a professional.
5. HVAC - Remember this is North Texas which means our summers are hot and long, a little AC helps.  Making sure this is in good working condition is key to having a good home ownership experience so start off by having a system working in great working condition.

So those are my top five but by no means are they all I look for.  Just know having a Realtor® by your side is key who is used to seeing these issues and willing to negotiate for you.

With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate.  I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.

Have questions about this or other topics, don not hesitate to contact me.

Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.

Luis Cuevas, Realtor®

RE/MAX Cross Country

1990 Justin Road

Highland Village, Texas 75077

(214) 783-0535

Luis@MakeNorthTexasHome.com

Check out my website for more helpful tips:

http://MakeNorthTexasHome.com

Subscribe to my YouTube Channel:

http://Youtube.com/MakeNorthTexasHome

Follow me on Facebook:

http://Facebook.com/MakeNorthTexasHome

Home Warranties Explained

Home Warranties Explained

I often find home warranties to be confusing to consumers as to what they actually are and what they cover.  As a result I often feel home warranties get a bad reputation because of this confusion.  Let me know explain what a home warranty is, is not and some tips to help you when working with a home warranty company.

So what exactly is a home warranty?  The home warranty I am referring to is a third party company who charges a premium in which in return they agree to cover the specific home on certain common items.  So it is not the same as home insurance or a builders warranty.  Instead a home warranty will cover common household items such as your HVAC system, plumbing, electrical, pool pump, spa, garbage disposal, dishwasher, refrigerator and even your washer & dryer.  Now let me be clear there is a fine print to all those items and some companies include some of those items while others charge an extra fee to cover some items.

So the general idea is that for 12 months you will be covered on these items, the biggest being the HVAC system.  In our example the air conditioning goes out in the middle of summer, what do you do?  First call the home warranty company, tell them the issue & they will send out a contractor of theirs to take a look at the issue.  You will have a trade call or service call fee you will pay up front, usually $60 or $70.  Lets say the item is covered and the total repair bill is $450, then you are only out of pocket the service fee.

This service helps buyers of a home have a little bit more confidence and put their mind at ease knowing the risk is being shared with the home warranty company.  The main complaint I hear about home warranties happens when an item is not covered and that is where I can’t stress enough that you read the fine print on the coverages.  Too often consumers make an assumption an item is covered when in the fine print it would have disclosed it was not, this is very common.

So before you purchase a home warranty whether you are buying a home or just want the coverage for your home be sure to read the fine print.  Know what is covered, what is not, what their service fee is and what their response times are as well.  I find that being well informed about a product or service before hand can lead to a better experience with your home warranty company.

With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate.  I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.

Have questions about this or other topics, don not hesitate to contact me.

Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.

Luis Cuevas, Realtor®

RE/MAX Cross Country

1990 Justin Road

Highland Village, Texas 75077

(214) 783-0535

Luis@MakeNorthTexasHome.com

Check out my website for more helpful tips:

http://MakeNorthTexasHome.com

Subscribe to my YouTube Channel:

http://Youtube.com/MakeNorthTexasHome

Follow me on Facebook:

http://Facebook.com/MakeNorthTexasHome