And You Thought Negotiations Were Over.....Hah!

I know, I really shouldn't even consider smirking about this subject....but today I am.

Working with great Sellers, Buyers, Buyers' Agent, and Lender....we still have negotiations that can get parties a bit edgy until completed.

The infamous Request for Repairs in California Real Estate transactions....

There were negotiations for Sellers & Buyers to come to an agreed upon price and open escrow. Those can be trying enough.

All properties in California are sold AS-IS, right? Well, yes.....and, no.

The California Association of Realtors purchase agreement: CONDITION OF PROPERTY: Unless otherwise agreed in writing: (i) the Property is sold (a) “AS-IS” in its PRESENT physical condition as of the date of Acceptance and (b) subject to Buyer's Investigation rights

So, what exactly does that mean? It means the buyers have every right to do an inspection to verify that the condition of the home is acceptable to themselves.

And, it means the buyer can certainly ask the seller to repair/correct/replace some items. They can ask for a credit, or even reduction of purchase price. They can ask for all kinds of things.

Now, what's the Sellers responsibility when they get a Request for Repairs? They can completely ignore the request. But, no one really does that. 

Herein are the secondary negotiations in a home purchase. And, sometimes they can be extremely challenging.

Seller feels one way, Buyer feels another. Their respective Realtors, with all the experience, have to guide them through these additional negotiations so that everyone feels they have been treated as fairly as possible. Sometimes there are several addendums and new requests before finally an agreement can be reached. Once that is completed, you can move forward with your escrow. 

If not, poof! Your escrow will most likely be cancelled and you have to start all over again. Caveat to that? Whatever came up in the first buyers inspection report now has become a disclosure item to the next buyer.

My suggestion is always to come to terms. Your home isn't perfect. The buyer wants to feel like you've addressed their concerns. Give a bit, get a bit. Move forward to your goal. Sell your home or buy your home.....that's been the goal for both Sellers & Buyers.....Let's Do This.