Sometimes, we find a house that seems perfect at first glance, but it turns out that it needs a bit of fixing up. Don’t worry, this is no reason to turn down a good deal!
Let’s imagine you’ve found a lovely house, but there’s an issue with the heating system. This kind of situation is more common than you might think. So, how should you navigate this? Here are six important questions that can guide you.
- Start by asking the seller, “Do you plan to fix the heating system before selling the house?” This question is essential because, usually, sellers are expected to make such repairs before selling. Let them respond.
- If the seller’s answer is no, move on to the next question, “Would you be willing to reduce the price if I took care of the heating system repair?” Allow the seller to answer without interruption.
- In some cases, sellers may still be resistant. If that happens, you could suggest, “How about we share the repair cost?” This approach often helps in finding a middle ground.
- If the seller agrees to the price reduction or to share the repair cost, ask, “Could you recommend a reliable repair company?” This question can give you some local insights, and it also subtly reinforces the agreement you have reached.
- If you’re planning to pass the repair costs onto the future buyer, you could ask, “Would you be willing to provide a written disclosure about the heating system issue?” This makes sure that everything is transparent for the future buyer.
- Finally, if the seller is being difficult about handling the repair issue, you might want to ask, “Are there any other repairs that the house might need?” This question can help you uncover any other potential deal breakers.
Remember, you’re not necessarily going to foot the repair bill — the cost is typically passed on to the buyer. But if you can get a price reduction, you can create a larger profit margin for yourself, while also offering a fair deal to the buyer who will take care of the repair.
These six questions can guide you whenever you encounter a house that needs a bit of TLC, whether it’s a minor repair like a broken window or a more significant issue like a faulty roof.
Lastly, if the seller is unwilling to negotiate even after you’ve gone through all these questions, it might be best to reconsider the deal. Not only can it impact your finances, but it could also indicate potential complications with the seller in the future.