If you’ve been in real estate for any length of time, you know that there are three elements which sum-upÂ a propertyÂ that’s FOR SALE:Â Condition, Location and Price.
Condition of the property is one of the concerns many buyers have.Â Many properties that are currently on the market will be bank foreclosures, REO’s and short sales.Â With these types of listings, there usuallyÂ are no repairs made by the sellers.Â They are sold AS iS and are priced to sell in their present condition.
With traditional sales, unfortunately in this current climate, owners that have their property on the market may not have the financial ability to take care of any repairs.
For a traditional sale, meaning no bank owned, REO or short sales, there can be room for negotiations on repairs.Â But, again, with some sellers, there might not be any room left in their budgets.
The purpose of having a home inspection done during the inspection contingency of a real estate transaction is two-fold:
- Buyers can ascertain the condition of the property through the inspection findings
- Buyer can use the repair report to try to negotiate repairs with the sellers
The legal language found in our Real Estate Sales Agreements states:
“Buyer shall have ___ business daysÂ (ten  if not filled in), after the date Buyer andÂ Seller have signed this agreement (hereinafter “the Inspection Period”), in which to complete all inspections and negotiations with Seller regarding any matters disclosed in any inspection report.”
Repairs are not a given.Â Negotiations of repairs are provided for in the contract.Â What the Sellers will negotiate is never known andÂ is subject to many variables including: what the buyers are requesting, the sellers willingness and/or financial ability to perform repairs, etc.
The Buyers are within their right to revoke the Sales Agreement during the Inspection Period.
Read my previous articles:
- Portland Real Estate Questions: What is an “AS IS” Provision?
- Portland Real Estate Questions: How Can I Find a Good Home Inspector?
- Portland Real Estate Questions: Will Sellers Do ALL The Repairs?
- Portland Real Estate Questions: Â Is This Property Priced Right?
Portland Buyers Agent – Real Estate Expert in the Portland Metro Area
EBA Portland, LLC is an Exclusive Buyer Agency serving the Metro Portland real estate market since 1999. I only represent Home Buyers and never home sellers. If you’re looking for a home anywhere in the Portland Metro area, there is no better representation than an Exclusive Buyers Agent. I assist investors, folks relocating to Portland area, those moving to the Portland area in-state, home buyers who are looking to down-size or move-up and of course . . . love working with first-time buyers. I help Buyers in the Portland Metro market find exactly what they need in the Tri-County markets of Clackamas County, Multnomah County and Washington County, as well Portland cities including but not limited to:
- Beaverton homes for sale
- Tigard homes for sale
- Hillsboro homes for sale
- Lake Oswego homes for sale
- Portland homes for sale
When you’re ready, talk to an Exclusive Buyers Agent. Exclusive Buyers Agents do not work for listing brokerages or Sellers. An EBAâ€™s fiduciary duty is: 100% BUYER REPRESENTATION . . . 100% of the Time. Contact me for all Portland Housing.
Carla Muss-Jacobs, Principal Broker/Owner
EBA Portland LLC
14845 SW Murray Scholls Blvd, #110-518
Beaverton, OR 97007
EBA Portland ~~ 100% BUYER REPRESENTATION . . . 100% of the Time
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