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Today is Part 2 of How to avoid Deal KILLING Home Inspections.
7. Worst-case scenario when the deal gets stuck:
-Use some of your processing fee ‘kitty’ to help pay for repairs.
-Buy a home warranty for the buyer if it’s not included. This works well if systems are old but functional.
-The seller may have to disclose the problems on a new property disclosure form. This is leverage for the buyer/buyer’s agent. Know what’s legally required after a home inspection when the problems have been identified.
8. The worst, WORST case scenario… You guessed it, your buyer or seller expects YOU to pony up and pay for the repairs. Not your furnace, not your repair, but it IS your deal. This is where you invoke the dreaded ‘some money is better than no money’ scenario. If you don’t have a backup offer and you’re about to lose the deal, consider the following:
-Chip in versus pay for. If it’s a $5000 repair, maybe you offer $500 to help out versus losing a big chunk of your commission that you’ve worked so hard for.
-If it’s possible, get the seller and buyer to meet in the middle. In our $5000 scenario, the seller escrows $2500 towards repairs, to be released to the service provider when the receipt is submitted to title. The seller knows it’s going to repairs and the buyer has some money to work with.
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-You can also try splitting the repair in 4 ways: Buyer / Seller / Agent / Agent to split up the costs and keep the playing field level.
-If the seller wants to repair the item(s), but doesn’t have the cash to pay for it on hand, find a repair person who can be paid in full at closing out of the seller’s proceeds.
9. The Hail Mary solution. Yes, you pay for it but it’s a LOAN not a gift from you. Have your title company create a promissory note, charge a little interest, and have a date by which it must be paid. File it at closing. You may or may not be paid but it’s better than just giving your money away. (We did this a few times, and didn’t expect to be paid back but every one of them paid us back within a year of closing!)
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10. Be willing to lose the deal, but make sure you and the seller have a plan to get it back on the market. Extend your listing agreement, figure out if they have to fix items or not fix items, but disclose. Maybe the repairs get done and it goes back on the market with or without a higher price. It depends on the situation.
Caution Listing Agents::: Be sure you’re doing what your SELLER or BUYER wishes to do, versus inserting your opinion! Many times when you submit the list and just keep your mouth shut, the seller will say ‘Yes, I knew about all of this. How about I fix a, b, and c and offer them $1500?). Don’t create objections where there aren’t any. Consider the Seller’s Home Warranty.
Caution Buyers Agents::: Don’t overreact on behalf of your buyers. Don’t use home inspectors who like drama. Good bedside manner is beneficial. Prepare your buyers that this is a negotiation, not a bloodbath.
Bottom line? Don’t give up! If the buyer still wants the house and the seller still has to sell it, your job is to find the solution to get them both to the closing table!
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