We’re the sellers and the repair addendum, well...it's ridiculous…..Do we HAVE to do anything?
Updated: Feb 3, 2020
The short answer to your question is, NO! But…..and it seems as though there’s always a but, this buyer most likely has the ability to walk away and be refunded their earnest money. So, yes, you don’t have to do anything but perhaps it’s important to ask yourself the following questions before jumping to an immediate response. Take a deep breath and remember, this is when our emotions can get the best of us!
· How long have you been on the market?
· Are these repairs you’d want done if you were buying a home?
· Will the house appraise without these repairs being completed?
· If you terminate the transaction, what are the chances of getting another offer at the same price and another buyer who wouldn’t expect he same repairs or more?
· What is the least you can offer the buyer to keep the negotiations alive?
· What’s the monthly holding costs and any contingencies on your future home?
· Will you be ok if you counter with anything less and they walk away?
· ARE YOU OK DISCLOSING THIS INFORMATION TO ALL FUTURE BUYERS, because it’s required by law.
Sometimes we don’t want to do things out of principal or because we feel taken advantage of in a specific situation but in these moments it’s important to see the bigger picture. How much more could it cost you if you don’t move forward, especially if the closing is in just a few short weeks…….
This is always a case by case basis but instead of pulling the rip cord and throwing up the immediate NO, it’s important to understand what you’re actually walking away from and the implications. Sometimes time is more expensive than money especially considering someone else MAY want MORE. As well as time of year pertaining to tax liability. It’s important to ask yourself, “HOW MUCH COULD I LOSE” by not accepting this offer instead of focusing on what you “DON’T” want to do.
It may be important to ask, "HOW MUCH GETTING A NEW, DIFFERENT BUYER WILL TRULY COST YOU?"