The inspection resolution is one of the major stumbling blocks during the contract process. It is also the most unnerving for buyers and sellers.
As a seller, you need to remember that you are not required to have anything fixed by the resolution deadline. You just have to know what you are going to fix. Here’s what sellers need to do in order to close smoothly:
- Provide all repair receipts to the transaction coordinator as you receive them.
- You can always have a professional repair anything requested in the resolution. Do not fix something yourself if the resolution states that you will hire a professional.
- Let us know right away if you are encountering a problem with a repair. Generally, it’s a scheduling or ordering issue. Items like windows can take 2-3 weeks to come in. Roof inspections by the city are booked out further. Just let us know and we’ll discuss it with the buyer.
- In some cases, you can have the title company establish and escrow the account for the repair. An invoice is provided to the title company and they will collect 1.5 times the invoice amount. When the repair is complete, the invoice amount will be paid out directly to the company and remainder will be paid back to the seller.
- Any credit provided in the resolution will need an additional amendment to the contract and this will require additional signatures.
Related Reading: Steps to Sell a Home