“I sold my home in “as is” condition and I am not fixing anything!”
And you don’t have to- but is that in your best interests?
I have to tell you, it is pretty rare for the buyer to be completely satisfied with a home’s condition and today’s buyer commonly asks for either repairs or compensation. It seems like buyers are trying to insure the home’s future [potentially lower] value.
It is equally rare for a seller to feel that the buyer’s findings are fair or the request justified. Home sellers often utter choice phrases like, “It was like that when I bought it”, “We’ve never had problems with [insert condition]” or one of the best, “This home has been fine for 85 years, it will obviously be fine in the future”.
How do we resolve these two opposing opinions?
It’s not about who is right or wrong.
My most important advice- drop the conversation of who is right and who is wrong. If you negotiate on the “principle of the matter” you will not win, you will not move on with our life.
This is a business conversation. If you factor in the buyer’s request into your bottom line, will you net enough to move on? If you do not reach a monetary agreement with this buyer, are you prepared to gamble on what the next buyer will net for you?
I once had a seller who insisted that the cracked chimney was not a defect and refused to negotiate on the principle of the matter. We had three buyers and all three wanted compensation for the chimney. In the end the seller netted $50,000 less in his bottom line with the third buyer. And, yes, he ultimately gave a credit to that buyer for the chimney and a host of other conditions.
It’s just about money.
My personal opinion is that you should always resolve this conversation with money, not an agreement to perform repairs. This way the buyer gets the repair done exactly the way they want it and there is no further liability to you.
Also, in my opinion, build a repair credit into your initial price negotiations. That way, when the request comes in, you won’t be stressed, you will be prepared. Counsel with your listing agent on what you should expect from the buyers in your area.