The house I am selling just went under contract! The buyer did their home inspection and now they have sent me a long list of repairs! What do I do now? This is a common scenario that we find ourselves in with our sellers. Once a contract has been accepted, if a home inspection was requested, it must be done within a certain amount of time. If repairs were requested, this list must be given to the seller within the time frame as well. Once the seller receives the request from the buyer, they have 5 days to review the request and respond back.
We suggest to our sellers that they get quotes on the repairs that were requested and decide which ones they would like to entertain. If they decide they do not want to complete all of the requested repairs, they counter back with what they are willing to do within the 5 day negotiation period. The buyer then has 24 hours to accept or counter back. Once the 24 hour period has expired, either party can release from the contract without being in default and no damages can be awarded.
Once repairs have been agreed upon, they have to be completed, prior to closing in a workman like manner. Our sellers select the contractors that complete the repairs and once repairs have been completed, receipts are sent to the buyer’s agent if requested. Prior to closing, the buyer and buyer’s agent will inspect the repairs to make sure they were done in a workman like manner. If all parties are in agreement with the repairs, the contract will move to closing.