Century 21 Princeton Proprties
If material defects are found, and if the contract is not yet signed, then they buyer can just walk or come back at a lower price. If the contracts are signed and there is an inspection contingency clause, then that clause governs the response of the seller and the buyer. Often a lower purchase price can be negotiated.
In my opinion it's best for the buyer to get an inspection before any contracts are signed. I've met sellers who will try to pressure the buyer (the buyer being me, in the case I'm thinking of) to sign before the inspection. But some buyers do sign first and then get an inspection while in contract. In that case, I do hope you have a good lawyer who wrote a clause that will protect the buyer's interests!
Karla Harby VP
Nevada who is responsible for closing cost on the same 68000 property?
In Nevada is seller responsible for title insurance and how much on 68000 property?
Traditionally speaking, at least in Texas, is that the seller pays for both Realtors - the Listing Agent and the Selling Agent. Because of this, many sellers push as much of the home sale costs to the buyer as possible. But the buyer often pushes the seller as far as they can go. It tends to work out like this:
Brokerage fees - Seller
Commitment for Title - Seller
Survey - Buyer
Buyer Closing Costs - Buyer
Home Warranty Service Plan - Seller
Inspection - Buyer (personally as a Buyer's agent I would never have the seller pay for it as then the inspector works for the seller, which is not in your best interest)
Termite inspections are not always required. But normally it goes hand in hand with the full inspection.
The Appraisal fee is part of the buyer closing costs, as well as the loan origination fee, points. Many buyer's agents ask the seller to pay a % of closing costs. Which is fine, but know that if you also ask for a price reduction and the home owner is not distressed, then it very likely will end the negotiations. There is a breaking point for sellers.
Many of my colleagues will have varying opinions about who pays what. I look at it from this perspective, the seller is already taking a hit since home values have gone down, then they pay 5-7% for broker fees, then 2% closing costs and repairs, then the buyer ALSO wants them to discount the house and pay their closing costs. It doesn't make for a very smooth transaction. Again, it all goes back to the motivation of the seller.
Your Buyer's Agent can help you with this and gain a better understanding about the seller's need (or not need) to sell, and their willingness to budge.
Green Home Realty
I'm sure this varies from state to state.....but in California all is negotiable. If you asked at the time of the offer (and the seller agreed) to termite clearance, then it's the seller's responsibility to make sure the home is free of termite damage and infestation before the close of escrow, and provide the proof (certificate).
Other than that.....the buyer will pay for their own home inspection (in my area about $400) and appraisal for their loan (this will vary, ask your lender).
If problems are found...you can go to the seller to ask them to repair them. They can say "yes" or "no" but if they refuse, you would have the right to cancel.
I would suggest that you ask these questions of your agent and really talk about it so you understand and there are no surprises.
We see lots of negotiations in real estate transactions and both parties (sellers/buyers) will normally come to agreement on repairs. Certainly repairs that impact lending should be repaired immediately by the seller such as termites and leaks causing water damage or mold.
Your real estate attorney can structure the contract with the appropriate riders and clauses to protect your interest so speak to him/her.
Bonnie Chernin and David Rogoff
Fillmore Real estate Branch #19
If the property you are talking about is in Brooklyn, traditionally the homeowner does not do an inspection. The onus is on the buyer if they want to have an inspection done. The buyer does this to protect themselves (caveat emptor), they pay for the inspection and usually do it before they sign a legal contract of sale. this benefits you as a seller because you get the results of the inspection before you contractually obligate your self which puts you in a stronger negotiating position if a problem/issue is found.
Keep in mind that even if the buyers inspector finds an issue, the seller is not obligated to do any repair work. The seller generally has four options...1) do the repair work, 2) do some of the repair work, 3) Give financial consideration to the buyer so they can do the repair work themselves or 4) do nothing and tell the buyers to take it or leave it. If you choose option 4, just be prepared to lose the deal knowing that the next buyer you find will most likely find the same issues so you will probably have to address them sooner or later. The decision the seller makes also depends on how good of an offer the buyers are giving. If the buyers are offering the seller a lot more than anyone else, the seller should be open minded!
With regard to termite, most inspectors are not licensed termite inspector and do not exterminate termites. That is usually a separate inspection which is done after going into contract and is specifically addressed in a contract. the usual verbiage in the contract states that if termites are found the seller has the right to either cancel the contract or exterminate the termites. A bank will not give a mortgage to a house that has an active termite infestation so it has to be done no matter what in order for the buyers to get the mortgage and close. If the sellers do not want to do it the buyers can pay to have it done, but they do not have to. As a seller you do not want to lose a deal over this issue because the next buyers that come in will find the same issue and besides, it is customary and traditional that the seller would remedy this problem so as not to have further damage done to the house!
With regard to the appraisal, the buyer pays for that and it is not done until after the deal is in contract and the buyer submits their formal mortgage application to the bank.
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
For more buying and selling tips, please visit http://www.RochesterHomeLocator.com
Salafia Sold Team
City Connections Realty