You’ve negotiated an acceptable offer on your home and the buyers have conducted their inspections – now what?
The buyer’s agent will complete and submit the findings of the inspection to your listing agent. This includes a Removal of Inspection Contingencies (ROC), along with a list of items the buyers would like you to correct.
Items you might expect to see are typically related to health and safety, these will be very important to your buyers. The list may include any of the following:
- Radon mitigation system.
- If the home tested high for this invisible gas, a radon mitigation system can range from $800 to $1200 depending on the home’s layout.
- Mold mitigation.
- If a mold test was conducted or the inspector found visible mold, the buyers may ask you to have the mold professionally mitigated. This is not a do it yourself job! Pricing varies but can range from $1,000 to $4,000 depending on square footage involved.
- Any electrical or plumbing deficiencies.
- If you have a Federal Pacific electrical panel, they will most likely ask for it be replaced, average cost varies between $900 and $1300.
- Structural deficiencies.
- Bowing or weeping basement walls, evidence of unusual settlement may prompt the buyers to ask for a Structural Engineer to evaluate. Engineer consultations range from $400 to $600; recommended repairs are additional.
- HVAC system.
- If you haven’t had your HVAC system serviced recently, buyers may ask that this service be performed with a combustion and heat exchanger report given to them. Usually costs between $75 and $150.
- Cosmetic/minor handyman items.
- These can usually be rejected. However, if the buyers only ask for a few minor items, you may want to consider covering the repairs.
As you review the list, don’t panic! Get professional estimates so you can properly evaluate the costs involved. If you need additional time (agreement on repairs is normally five days) ask for an extension.
Sellers can agree to all, part or none of the repairs requested.
Additional options are available, sellers can offer a credit to buyers at closing or a reduction in the purchase price to cover repairs. The advantage to this approach is the buyers hire their own professionals to correct deficiencies and the seller won’t risk their dissatisfaction with the work just before closing.