When you’re selling a house, you already have a long list of tasks and many sellers are hesitant when it comes to home inspections. What if the Orlando home inspector identifies problems with your home? Are you required to have them fixed?
What Fixes are Mandatory After Receiving Your Home Inspection?
Mandatory might be a strong word, especially since people can sell their homes as is. Some states, such as Florida, have contracts that don’t hold the seller responsible for repairs.
By accepting the “as is” contract, buyers are agreeing to accept the house in its condition. It is important to note that they still have the right to not go ahead with the deal if there are too many issues during the inspection.
Inspections can bring up various issues, from mild cosmetic problems to more serious plumbing issues for example. Sellers will be glad to know that not all repairs have to be fixed. Instead, buyers will usually request for certain important fixes to be done.
While it’s up for negotiation and not necessarily mandatory, fixing issues can help with the sale of the house.
Here are some factors to consider regarding what fixes should be done.
The State Requires It
Building and housing codes are meant to ensure that homes are protected by typical hazards and some states require these safety measures to be met before a home can be sold or purchased.
It depends on where you live but some places require that a home should have smoke alarms, seismic shutoff valves, and such to get a home up for sale.
If you live in the city, building codes have to be met or else the seller might even be liable for such a sale. These are all to ensure that people are getting safe places to live.
The Lender Requires It
If it’s not the state, then it’s possibly the lender who requires some mandatory fixes. Buying a house is a significant investment and most people find ways of financing such purchases.
When it comes to borrowing money for a home, lenders typically have certain criteria for homes that they would allow loans for. Just like how the state requires them, the fixes that are mandatory are more concerned with safety issues.
In essence, the home has to have a certain degree of habitability for a lender to approve the loan. Different lenders would have different requirements but common fixes include leaking roofs, plumbing issues, cracks in the foundation, pest infestations, and many more.
Who Will Be Paying For The Fixes
There’s no clear answer because there are too many factors involved. For example, in the states that require some fixes for a house to be sold, the seller is obligated to fix the damages to meet the criteria of the state.
The same goes for lenders – the sellers have to fix house damages to meet the criteria of the lender.
However, when you live in a state with no such requirements or the buyer has a different financing method, then the seller and the buyer will include the required fixes in their negotiations.
The seller can offer to get the damages fixed for an increased price or the buyer can possibly negotiate for a lower price due to the issues. Work with an attorney or your real estate agent to work out an arrangement that’s best for you.
Whether fixes are mandatory or not all depends on the situation but to answer the question, issues found after a home inspection are not necessarily required to be fixed.
If you are really keen on selling the house though and want to come to an agreement with the buyer, you might want to get them fixed nonetheless.
At the end of the day, the best course of action is to have a clear line of communication between the seller and the buyer. Both parties should be upfront with one another and understand what each can get out of the transaction. There’s usually some give and take but ensure that you are fully clear about your part of the responsibility and that it’s all laid out clearly in the contract.