Lenders are not willing to accept allowances these days. It's just not in their best interest to take a chance that even with it being in escrow, that the money is not used properly. You may find a Roofer that would be willing to accept payment from the sale of your home, but they may charge a premium for that or put a time frame on it and add interest.
Your best bet is to go ahead and have the roof done so you can have the best chance of selling for Top Dollar.
If you need assistance or have more questions, please don't hesitate to contact me. We do work in Parma and Parma Hts..
First, buyers' expectations today are unbelievably high. Given the high inventory of homes, they can afford to be selective.
Next, the majority of buyers' will take on minor projects, such as decorating. They most often stay clear of major projects. A roof certainly falls under "major" project.
In the event a buyer is willing to purchase with the "pending new roof" option you would like to offer, you are now inviting them to make decisions on the materials and labor. Chances are, their wants will exceed your estimate.
Bottom line, 99% of the buyers will prefer the roof be completed. Also, as mentioned by others, if it's currently leaking, you're building other objections, such as mold issues.
Finally, unless you have the luxury of time, please consider working with a Realtor. The fact is over 80% of buyers work with agents. This is a network of professionals you should use to your advantage, especially in today's market.
If you would like referrals of top agents, please feel free to contact me. I'm currently not taking on new listings in Parma, but would be happy to assist you in finding the right agent.
Colleen Rock - RE/MAX Crossroads
You can certainly do that as just about anything goes in a RE transaction. But I would seriously consider having the roof replaced now if it is in need or close to it. If your home takes awhile to sell, or does not sell at all, then the roof could become an issue just for the safety and integrity of the home. Also, by advertising in your sale that the home needs a new roof you do have the potential for issues with your home insurance carrier if something were to happen down the road (before the sale). It could potentially be viewed as neglect of maintenance and cause you issues there.
As a Professional Real Estate Inspector I will now give you this view of the situation. A roof covering that is deteriorated will set off a lot of inexperienced Inspectors. If you're unlucky to get one of these Inspectors performing the inspection be prepared for a "Chicken Little the sky is falling" mentality and inspection report. These type reports have a tendency to scare the bejeebers out of buyers. You could potentially lose good offers and go through a great deal of stress in the process.
In my opinion it is better all around to have the roof replaced if it is known "that the roof needs to be replaced". I can fully understand the cost end of it and your current conditions there. Find several good, reputable roofers in your area. Speak with them about methods of financing the roof or various grant or aid programs available for these type issues. A good roofer keeps up with these type things as it helps them sell roofing work. You can also try roofing and contracting associations for these type programs. My WEB site has links to many associations and groups that may be able to help. Many of these associations have bulletin boards that you can post this type question on and potentially find answers from around the country.
Good luck on your situation and I certainly hope it works out for you. By the way, I hear Pink Flamingos have come back into style. But don't go overboard on them. Email me if you want to know how I understand that.
Emmanuel J. Scanlan
PS Inspection & Property Services LLC
TREC License # 7593
International Code Council, Residential Combination Inspector #5247015-R5 (Electrical, Mechanical, Plumbing and Building)
Texas Residential Construction Commission, Third Party Warranty Inspector #1593
Texas Residential Construction Commission, Inspector, County Inspection Program
Texas Department Of Insurance, VIP Inspector # 08507061016
Hayman Residential Engineering Services, Field Technician
CMC Energy - Certified Energy Auditor
Knowledge is power, but sharing knowledge brings peace!!
To answer your question, yes. You can offer either a credit to the buyer to have the money escrowed and they fix the roof after title transfer. Or, you could negotiate that as part of your sale that you the seller fix it, as the buyer's inspector would probably indicate that there was a roof leak anyway.
Good luck to you on your home sale!
How do you know that the roof needs replacing? Did you have problems? Water damage?
If not and you just think the roof is old etc., have a reputable roofer, preferably the one who put it on, check it out on your behalf, often they will do minor repairs if necessary --- and if that has been done and the roof can withstand bad rains Snow and ice damming..... then you could do that or give the potential buyer a credit at closing for a new roof (so get several estimates from area roofers, to have a better idea what to offer for it)
If on the other hand your roof is so bad that you are running the risk of water damage inside, mold in the attic, ice damming after heavy snow fall, then possibly putting on a new roof would be a good solution whether you sell now or later....
So you need to get the estimates.... you need a roofer check it out and possibly they can do some minor repair work..... and then go from there....
If the roof is not too bad you can certainly offer a roof credit at closing of a certain amount.....
But have a certified roofing company give you there best input.
Do you know how old your roof is? 2 layers or more?
Hope this helps
Perhaps having the roof inspected NOW would be the most responsible route to take. Let the roofer decide if there is any water intrusion, wind damage and so on. Have the report available along with the other disclosures for the buyer. You may then be able to replace the roof with an accepted offer.
Since you are replacing other mechanicals as well, and didn't mention whether the roof was old or actually leaking, I'm curious whether this is an estate or whether you are a resident of the property. In Parma especially, the neighborhood will also determine how much of the out of pocket expenses will be recouped. North of Snow, South of Snow, Parma Circle etc..
I would recommend an inspection of the roof at least to see exactly how much life may be left in it.
Feel free to contact me through my website or e-mail if you would like particulars about your neighborhood.
Is the roof leaking? Is it a major problem?
The home is what it is..... their offer should take into consider the overall condition of the home including the roof. We recommend making no reference to it. A professional inspection is part of the buying process and will address the age and need of the roof.
On the other hand if it's leaking and in very bad condition, you may want to consider having the work done.