Jph1,

Your question is rather vague, so I will try to answer to the best of my ability based upon experience. "Concessions" are typically sought when the work required to make the repairs is substantial. If a buyer is nitpicking at items that are minimal in cost, then in my view, just say no. (Most recently, I had a transaction wtih a 71 year old woman who said NO to all the buyers minor requests yet we still closed; yet another case where the seller indicated the items on the list they would address). Keep in mind that especially in this market, buyers will try to get everything they can out of you.

With regard to termites, I often advise buyers that this is common in older homes with the key determinant being that the home was regularly treated and no substantial, unaddressed damage that requires correction exists. In the case, where the current homeowner cannot supply proof of ongoing maintenance, I often recommend that my buyers consult with 3 different experts in that field for estimates and choose that with which they feel most comfortable and recommend that the seller use that person. In this way, this releases you from the liability of them saying later that you hired an inadequate party for repairs as it was the buyers who choose the contractor.

Finally, in my view, your attorney would be the best person to advise you as to what is or is not reasonable.

Hope this helps!

Love and Peace,
Francesca Patrzio, Realtor, ePro
732.602.2931
Francesca@PatrizioRE.com

Hi Jph1,

Unfortunately 'too many concessions' may be in the eye of the beholder. It can really depend on how far in advance you told them of the delay, have you surpassed the Time of the Essence period, and what was the buyer's situation? Were they selling their home, moving in town, something that would have basically left them finding a hotel or place to stay, thus incurring additonal cost they hadn't calculated for.

This is really a case-by-case situation.

There were termites and it is being fixed but we did the additional work of taking off the front of the house. It will be fully fixed and put back together next week. I am just not sure what level of compensation is fair. We have a certificate and letter stating that all repairs will be fixed and paid for.

Why was the delay caused? Was it due to the buyers' lender or you as the seller not being able to move out? It really depends on the circumstances...if one of the parties has to spend more money as a result of the delay, they can request compensation to cover the additional expenses incurred.