by Laura Kocum
on Thursday, April 11th, 2019 at 7:00pm.
You have made an offer to purchase and are going through the property inspection. The inspector finds an issue with the property, and now you, as the buyer, need to determine the next steps. I asked the Mad City Dream Homes team how they handle these situations, and they shared good advice for buyers to consider.
First: Know what matters.
Not every issue raised is worth pursuing with the seller -- especially in a fast-paced market, with low supply. “In some cases, buyers need to have a plan in place for simple repairs. The quick fixes are rarely worth risking the sale, especially when there is a line of buyers behind you, ready to buy the property,” says Tammy Steiner.
Maureen Moran agreed. “You really need to consider, what is a significant issue?”
Significant issues are the ones that hurt the value and safety of the home, like a structural defect, undisclosed water problems, a failing roof, or electrical, plumbing, HVAC, or window issues. Significant mold or any asbestos can also stop a sale. “These are the issues that may be worth pursuing, or may make you, as a buyer, want to move on to another property,” she said.
Next: Consider your options.
“The key in these situations is determining if the seller can correct the issues, or if they are easily correctable by the buyer,” says Chris Venden. In some markets, buyers have negotiated to have sellers correct some of the simpler repairs. This, however, can be more difficult in the current market, when sellers frequently have competing offers on the table.
Then: Hire someone you trust.
“It’s for reasons like these that we have a team of trusted professionals,” says Mark Hewitt. “Often we can refer buyers or sellers to qualified people who can make a repair, in a timely manner, and at a fair price.”
Steiner said sometimes buyers are skeptical when a realtor refers them to other professionals, but it all boils down to trust. “We hope they understand that our referrals are to local people who work with excellence. The only benefit we receive is the confidence that a job will be done well,” she says. Venden agreed, “Our clients should also know that they always have a choice, and they can work with whomever they prefer. We are just glad to share the names of people we know are great.”
The professionals who are trusted by the Mad City Dream Homes team have long histories of quality work and fair prices. The benefit is knowing you can trust who you hire.
“In many cases, our team has been able to coordinate the work for a buyer or seller,” says Shelley Lazzareschi. We know that our clients’ time is valuable, and we do everything we can to help coordinate any work that needs to be done. This can include scheduling the appointments, unlocking the property for the contractor to complete the work, and making sure any issues are solved before a contractor leaves. The team sees this as part of their commitment to excellence -- both with client service, and with the network of trusted businesses they work with.
“It’s a pleasure to do business with local, trusted providers, and to know we’ve provided the best service to our clients,” says Moran. And ultimately, it is about helping the clients find the right match of property and price point. “There is nothing better than sitting at the closing table, and knowing the purchase is a perfect fit!” says Steiner.