Today is day 8 of a buyer’s ten day option period and we don’t have an amendment back from the buyer’s agent…..but we did receive a call yesterday from the agent telling us that she was in the process of writing an amendment up.
What buyers (and sometimes their buyer’s agents) don’t understand….when we don’t get an amendment within a few days of the home inspection (done 5 days ago) the seller begins to believe they have no repairs to worry about. When an amendment requesting repairs shows up at the last minute (to sellers two days before the option up seems like “last minute”) it is difficult for me, as the seller’s agent, and the seller’s to decide if we should agree to making any repairs….because the seller doesn’t have time to get contractors over to their house to get bids. Signing a blank check doesn’t typically work for most seller’s….they have a bottom line.
When a list of repairs gets sent over with an amendment to the contract…..I like to go over the request with the seller’s and also get bids on the repairs requested….before the seller’s sign an amendment agreeing to repairs. Thankfully, I work with my husband, David, Broker Associate, who is familiar with repair costs and can estimate what repairs might be…..but those are estimates….not actual bids so we are “guessing” when it comes to repairs that might be required on expensive items like air conditioner repairs. A repair to an air conditioner or heater can be under $100….or it could be a total replacement….sometimes costly over $10,000 or more.
So buyers….when you are “active option” in Texas (have a signed contract and have an option period to do inspections) PLEASE get the inspection done as quickly as possible AND submit an amendment if you want to negotiate repairs. Keep in mind…some seller’s wont agree to making any repairs. Some will…..but most want to know how much the repair is going to cost.
One thing I am certain of………if you wait until the last few days of your option period…you may find the seller unwilling to make any repairs. Many folks don’t like agreeing to a “blank” check…and that is what you are requesting them to do when you wait until the final days of your option period to submit an amendment requesting repairs.