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OK, house is on market and we've had 3 showings in 3 days No serious offers yet, but people are interested. My question is what kinds of things do buyers ask to have fixed/done when making an offer? This is our first time selling so I'm curious what we are in for. How much, on average,should one expect to spend on said requests? Any input is greatly appreciated!!
I don't usually ask for things to be fixed/done with the offer (unless it is blatant), but will ask for things fixed during the inspection period....
Now for the offer, folks will ask for closing cost assistance, your window treatments, your appliances, HOA fees paid, buy down mortgages, etc. But it really depends on where you are in the country.
I don't usually ask for things to be fixed/done with the offer (unless it is blatant), but will ask for things fixed during the inspection period....
Now for the offer, folks will ask for closing cost assistance, your window treatments, your appliances, HOA fees paid, buy down mortgages, etc. But it really depends on where you are in the country.
shelly
What do you mean "buy down mortgages"? We are in NC. I already planned to leave the appliances and window treatments and we don't have HOA.
OK, house is on market and we've had 3 showings in 3 days No serious offers yet, but people are interested. My question is what kinds of things do buyers ask to have fixed/done when making an offer? This is our first time selling so I'm curious what we are in for. How much, on average,should one expect to spend on said requests? Any input is greatly appreciated!!
The best answer to your question is, it depends. It depends on what kind of condition the home is in, how it is priced, and if the buyer wants to do any work themselves.
If the house is priced below comps but needs a small amount of work, you may see a clean offer.
If the house is priced above comps and needs work then obviously you should probably expect a below-list price offer or an offer with a list of items to remedy.
By mentioning "buy down mortgages" I'm going to assume Shelly was talking about mortgage discount points, which is generally lumped together with closing costs.
Buyers can and will ask for just about anything. Most of it will be after they have had the inspection. You are not obligated to make any repairs, but if the contract was worded correctly the buyer can walk if things are not corrected. My last house had the nit pickiest inspector who ever walked the face of the earth (great for the buyer, PIA for me!). Buyers requested about a dozen repairs. We agreed to about half of them, including a plumbing issue we had not been aware of. Our buyer was a first time buyer and was totally freaked out by the inspection report. He didn't even know what most of the items were, but his agent was able to calm him down. The cost to us was under $100 for a few parts.
My friend sold her last house to a person who wanted all of her furniture, wall art, knick-knacks, electronics, everything but her personal items. He waived the inspection. He offered enough over list that she did not even bat an eye, and happily shopped for new furniture.
I am a realtor and here are some things buyers will ask:
How long has the home been on the market?
Why are you moving?
Are the appliance/ what is staying?
Where is the property line?
How are the neighbors?
How is the neighborhood?
Where are the schools (if there not local)?
How are the schools?
And of course.....
Are you willing to negotiate? or What would you take for the home?
Here in North Carolina, the buyer can also ask for personal property. These are items such as furniture, cars, boats, etc. Although I try to discourage this, some will still insist. In this case you would come up for a value of the items the buyer wants and take that into consideration when looking at the offer.
As far as buying down the mortgage, I don't think that you are likely to run into this, with the way interest rates are right now.
The offer, typically, will not have any required repairs, unless, as was mentioned earlier, they are detrimental to the structure or have already been offered to the potential buyer in the listing itself. Things such as credit for or replacement of a leaking roof or carpet allowance would be put into the offer.
For inspections, items that are material defects are what is reasonable for the buyer to ask for. If a kitchen vent doesn't work or there is a broken window, these are considered material defects. Buyers sometimes will also ask for cosmetic items such as new carpet or countertop due to wear and tear. These are items that are not defective but are worn. In this case, you do not have to fix or replace them if you choose not to.
Do be aware that once there is an inspection, if there are material defects, they must be disclosed to all buyers. That is often why most sellers, unless selling "as is", will make the repairs anyway. They will either have to fix it for this buyer or the next one.
Lauren, we are doing buydowns here... Sometimes folks still want to stretch up, know they are makeing grade (in the military) and they will be able to make that payment next year... so the buydown is lucrative to them. We have 1% and 2% buydowns. for one or two years.
Well I guess it is different all over the country. I am in North Carolina, where we are typically not seeing many if any.
I can see though how in certain situations, they are very useful but the subject was already explained so I simply put in my thoughts about the area that the original poster is coming from.
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No serious offers yet, but people are interested. My question is what kinds of things do buyers ask to have fixed/done when making an offer? This is our first time selling so I'm curious what we are in for. How much, on average,should one expect to spend on said requests? Any input is greatly appreciated!!
What Buyers Ask
In this case you would come up for a value of the items the buyer wants and take that into consideration when looking at the offer.
