Thursday, August 25, 2011

Repairs

Your a buyer of your homestead and you just found the perfect home and wrote up an offer with the guidance of your Realtor.
Your Realtor just called - your offer was accepted!!
This means you just started asking "what is wrong" with this property????!!!!!

You like the home the most before you have your offer accepted. Once it is accepted, you wonder what you did wrong.
Welcome to every case of Buyer Remorse or my personal definition of it. You still have wiggle room unless you are in an extreme seller market. You will have an option to terminate (in Texas) if a surprise pops up within a time period. This period allows inspections and follow up inspections. These inspections should offer a good amount of information on the condition of the property you are buying. Will it offer everything? NO.
Are you building brand new? buying a resale that is 80 years? found a total remodel? Does any of this matter to the fact you won't get ALL your conditions answered before taking ownership? NO.
Be reasonable to the condition of the home you are inspecting to other homes in the area. Listen to data and ask questions directly to the professionals that are doing the reporting on condition. Be physically at the general inspection (which could be an inspection of code violations more than repairs) with out any additional distractions. Ask the inspector directly these questions,
1. "what would you want further information on from specialized contractors?"
2. "what would you fix/repair/tweak if your mother was buying the home"?
3. "are these repairs consistent to other homes in the area"
You likely discussed pricing, condition (upgrades or lack of upgrades), location (you have seen other homes in the area) with your Realtor so now take the report and re visit that discussion. Is the importance "location location location" or "condition condition condition"? What does the rest of the market think?


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