Property Manager MA: Getting credits
It takes a time to find the right home. This could mean months of searching and spend a lot of time going through the grind. You may make plenty of offers but not get the home of your dreams as you will be competing with other buyers. When you finally get a deal, it will be after a lot of negotiations. The only problem is that it is not the end of it and you have to go through another round of negotiations.
Ask for credits after Property Inspection
When you are buying a home, the contract stipulates that you can ask for a property inspection or that you can inspect before signing the contract. There could be any number of issues in the house. Plus the buyer can also ask to have a particular type of inspector for certain portions of the house.
Once the inspection is over, it will bring to light certain issues which the buyer may not have knowledge of. At times these issues are not so big, that a buyer will want to scupper the sale. This does mean that the buyer will have to spend money on making the repairs. This also means that the buyer has to ask for a reduction in the purchase price or credits for the same amount.
Property Manager MA: Inspection before listing
When you are looking to sell your house, you should not negotiate when you are under contract. If there are faults in your house, you will have to pay for them. The worst scenario is that you could lose out on the sale. The best thing you can do is to be upfront when it comes to your property. Let the buyer know if there are issues so that they do not think you are dishonest. The best solution for you is to get an inspection of your property before you put the house on the market. You will be able to discuss any potential issues and share the inspection report with the buyers. This way you will be transparent and there will not be any issues.
Sellers may try to avoid giving credits
If you are a seller, you can agree to have work done on the property before it closes. If not, then you can allocate the funds to the contractor for doing the repairs. This will help the seller as the buyer may not utilise the credits allocated for the repair work. It also helps as sometimes the estimates are overstated.
In other scenarios, the buyer could just ask for credits to bring the price down as they assume the seller won’t have any other buyers. It could backfire if it’s a strong seller’s market. The last thing a seller needs to remember is that a buyer may want some minor repair work. So leave some space for that. In the end, if you do everything right, you will have done your job.
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