Sellers have an advantage when dealing with an inspection report that lists a long list of repairs because the market is hot in Lee’s Summit. As a result, we see the lowest inventory levels in the Greater Kansas City home market in years. According to the most recent statistics from the Kansas City Regional Association of REALTORS®, the number of homes for sale in Kansas City has decreased by 45.5% from this time last year. If you put your Lee’s Summit area house on the market, you can almost certainly expect several offers. I’m certain that these offers will start pouring in soon!
The offer has been accepted, the transaction seems to be on track, and you’re anxiously awaiting the inspection findings. When money is exchanged, and all the paperwork is signed, it’s safe to say that a real estate deal isn’t completely complete until that happens. So, what do you do if the buyer insists on repairs after the inspection turns up with a slew of issues? That’s a cinch to do. These six techniques for negotiating repair expenses with potential purchasers in Lee’s Summit are all you need to do.
1. Educate Buyers on the Facts of the Case
In many cases, buyers have inflated notions of what they may anticipate from home and fail to appreciate the value of an inspection. You may use this information while discussing repair expenses for your Lee’s Summit, Missouri, home.
You may be surprised to learn that many purchasers demand that the property is in flawless condition as if it had never been used. That’s simply not a possibility, however. The truth of the situation is that every home has certain issues.
“A buyer’s agent is not providing good advice to a buyer who expects a property to be delivered as it is new construction,” says one top agent. A buyer who thinks that a house inspection is only a list of things the seller should do is setting themselves up for a problematic transaction. “You wouldn’t believe how frequently I receive a punch list after a home inspection for some of the most innocent things.”
A customer may also be unaware of the inspection’s genuine purpose. An inspection’s objective is to uncover serious faults that might deter a buyer from moving ahead with the deal or get these issues remedied. A buyer’s goal isn’t to uncover every little fault that might be used as a bargaining chip.
Educating potential purchasers can help them be more receptive to your offers during negotiations. An excellent resource in this situation is your agent. Call (816) 695-7352 to learn more.
2. Rather than making repairs, ask for a repair allowance
Generally, sellers in Lee’s Summit prefer inspection credits over real repairs when discussing repair costs with potential purchasers. Repairing, say, the HVAC system or the roof, will be more difficult to handle than a closing cost credit or price decrease.
“Negotiating house inspection concerns are often not that simple, but this is what you should be looking for as a seller,” advises one expert. They avoid repairs if they can save you a lot of worry and uncertainty in the future. A dissatisfied customer may request further work from you if they are not satisfied with your work’s quality.
A delay in the closure is common due to repairs lasting longer than intended. An experienced real estate agent can help you avoid a scenario in which a delayed closing might force you to pay two mortgages while you wait for the sale and the purchase of another.
3. Pre-listing inspections are a good idea.
Before the inspection, some of the greatest ways to negotiate repair costs with potential purchasers in Lee’s Summit are available. A little forethought now may save a lot of grief in the long run.
A pre-listing inspection is one of these measures. To obtain an idea of what a buyer’s home inspector would be looking for during an inspection, a pre-listing inspection is a great way to create a punch list of tasks to make your house ready for the market.” You may do a pre-listing inspection and point out all the tiny fixes. In addition, if the flaws are not repaired, at least a property buyer is aware of them and should make their offer informed of the difficulties.”
Negotiating repair costs will be a lot easier if you’ve previously addressed some of the issues discovered during the pre-listing inspection.
4. Make a Full and Open Disclosure of Your Financial Situation.
Another option is to be very honest and comprehensive in the seller’s disclosure. Preventing problems during the inspection may be as simple as accurately filling out the Seller’s Statement of Property Condition.
When a house buyer discovers a problem during a home inspection, it’s difficult to ask for a repair since they already knew about it before making an offer. Before making an offer, the buyer must have the disclosure in their hands.
As a result, the buyer is aware of issues from the start, giving you an advantage in negotiations.
5. Repairs should be offered at a reasonable price.
Furthermore, you may always promise to perform all reasonable repairs when discussing repair costs with potential purchasers of your Lee’s Summit home. If a buyer demands exorbitant repairs, this will put you in control.
It’s also said to be “more cost-effective than negotiating a price reduction for repairs,” according to experienced real estate brokers. A buyer may sometimes underestimate repair costs when the seller can have the work done for considerably less than they are asking for.”
6. Negotiations should be left to your agent.
You’ll need an experienced Lee’s Summit real estate agent in this fast-paced Kansas City market. As a buyer, you may not have the skills necessary to successfully negotiate the sale of a home (though she will consult with you every step of the way). You’re better off letting your agent handle talks with Lee’s Summit purchasers about repair charges. Speak with one of our seasoned agents about successfully negotiating the cost of repairs. If you have any questions, you may reach us at (816) 695-7352.