Option Period: Inspections
Shortly after the inspection, the buyer’s agent will submit requested repairs to us (if any). Annette will discuss with you on how you would like to respond. You will have the choice to: 1) do all repairs, 2) some repairs, 3) no repairs, or 4) money in lieu of repairs - depending on the repairs needed and the type of loan the buyer may have. This is Annette’s specialty, and she will help you walk through this process. If there is anything unusual about the requests, Annette and I will discuss those as well.
Time is of the essence here. All negotiations must be finalized within the Option period time frame, or there will have to be a negotiation to extend the time period, which I don’t typically advise, but is necessary in some cases.
For any repairs needed, we have a list of professional service providers that our past clients have used with great success. If you don't see what you need, let us know. We have a network of resources to tap into. You can make your own repairs unless it was specifically agreed upon for the repair to be done by a licensed contractor. Just keep in mind that the work must be done in a ‘good and workmanlike manner’, and the buyer will inspect these repairs before closing. If the repairs are not done to the agreed upon terms, it could delay closing. You’ll also need to provide receipts for all work done and/or supplies used for repairs. Just send those receipts to Annette or myself.
Please keep in mind that the buyer may choose to cancel the contract at any time during the Option period, for any reason. So, when you are deciding what repairs to make, keep in perspective your desire to sell your house vs. the time and cost of the repairs.