The end is in sight. The offer has been accepted, and the buyer’s inspection is over. The buyer comes back with a series of requests ranging from a new roof to smoke detector batteries to a new bathroom sink. The question for a seller now is what to do.
The buyer can still back out of the deal, which puts everyone back at square one.
Here’s Pure Equity’s advice for keeping cool and steady all the way to the finish line.
Review the list with your realtor. You hired a professional for good reason, and their skills in this part of the process will be invaluable. Pure Equity Group agents are well versed in these kinds of situations and can guide you through a buyer’s requests. A new roof may be fair game unless you stated from the very beginning that the home is going ‘as is.’ Even then, depending on the local market, it may be in a seller’s best interest to consider the request.
Aim for a credit or price reduction on big-ticket items. Even if a buyer asks for repairs on major things such as electricity, plumbing, the roof or the foundation, there is room for negotiation. Remember, the buyer has a vision for their new home. Offering a credit or price reduction lets them manage the work and materials to satisfy their preferences.
Make relatively low offers based on your estimates for repairs of big-ticket items. Depending on the list of buyer demands, Pure Equity Group often recommends sellers start by offering half or a third of the cost or an equivalent credit. You can always give in a little and offer more, but you can never go back down in price.
Don’t sweat the small stuff. People like to feel that they are getting maximum value for their money. If the buyer requests new batteries in the smoke detector, do it. If they want the outdoor above ground pool removed, do it. Taking care of the smaller items on the list is one way to show the buyer your willingness to cooperate. It may seem tedious after all that’s been done to get the house ready to sell, but keep the end goal in mind: selling your home and moving on to the next adventure.
Be reasonable (even when you don’t really feel like it), act in good faith and work closely with your realtor. These final steps are exciting and nerve-wracking, and a good agent will ease some of the stress and temper the occasional bout of frustration. Your realtor will successfully negotiate that fine line between your limits as a seller and the buyer’s desire in a timely manner. Remember, the end is in sight.
Work with your realtor to let the buyer handle the larger ticket items also tells them you have some limits.
This can ease the process for everyone and save you stress
While it’s important for buyers and sellers to be well educated about this process, it’s also important to work closely with your realtor.
Reviewing this list of requests can feel daunting.
In the majority of cases, Pure Equity Group recommends the seller not offer to manage the repairs or replacement themselves. If the buyer isn’t happy, they may request it to be done again at the seller’s expense, which could delay the closing.
So it’s best to let them make those choices
*Photo by Philo Nordlund
Columbus, Ohio Real Estate Agent
Taylor Kolon’s years of experience helping people sell or find the right home taught him that his work is about more just land and buildings. It’s about hopes, dreams, and a secure future. It’s about helping individuals and families turn a challenging situation into an opportunity, and to that end Taylor listens carefully to his clients as he guides them to their goal.
A jump from corporate sales in the Ohio metals industry to real estate was only natural for this outgoing guy. As a result, Taylor brings a sharp eye for detail and well-honed negotiation skills to work for every client every time. Taylor earned his degree from Central Michigan University where he also played on the men’s volleyball team. The fast pace and the teamwork as well as the physical and mental challenge he found on the court are some of what he loves best about his work. He also understands the value of continued training and education to keep his game in top shape. Every time he hands over the keys to an ecstatic new homeowner feels like a win.
Taylor believes in the importance of community and making sure he’s giving back what he can to Columbus through various volunteer activities and membership in the Clintonville Chamber of Commerce. However, there is no denying, that his favorite way to spend his free time is with his wife, Mandy, and their daughter, Elena.
Contact Taylor today.