If you are in the process of selling your Las Vegas property, you may be wondering what your home inspection will hold and what you will be responsible for fixing. Overall, home inspections are a way to provide a chance for the buyer to be made aware of any major or underlying issues prior to closing.
So what happens when the inspector finds issues with the home? Are fixes mandatory? The short answer is no. On that same token, that doesn’t mean you can simply dismiss your home’s inspection or refuse repairs with the expectation that the buyer won’t back out.
Depending on the type of repairs needed, sometimes a lender will refuse to proceed with financing until certain things are fixed, especially if they are a health, structural or safety issue. Aside from these instances, buyers and sellers will typically negotiate repairs and credits until they come to an agreement. It can be a lot of back and forth.
Since this is a process, let’s dive deeper into what issues you may be required to fix, what some common buyer requests may be and what happens if you refuse to make repairs.
Common Issues That Must Be Fixed
After your home inspection, the potential buyer and their agents will typically sit down and make a list of “must-have repairs” and “preferred-to-have repairs” before sealing the deal. In addition to this, some lenders may have their own list of “must-have repairs” to make sure that the home appraises for the correct amount before finalizing any financing.
Required fixes often include things like:
- Hazards that fall under the electrical or structural category
- Violation of local or building codes
- Water damage or mold
- Roofing issues, especially those that need replacing
- Faulty plumbing, HVAC or electrical systems
- Pest infestations
- Cracks in the foundation
- Contamination of toxic chemicals, such as asbestos or lead
As the Seller, Am I Obligated to Pay for Repairs?
Although all repairs are negotiable during the contract process, most sellers are expected to pay for major health or safety issues as mentioned above. Failure to meet these expectations can often lead to a sale falling through. If you agree to make repairs, you will want to weigh the pros and cons to decide which repairs are worth your time, money and efforts.
Common Buyer Requests
Aside from the repairs that may be required of you, sometimes buyers will also request repairs that affect the livability of the home. Since most buyers want to avoid a drawn out contingency, oftentimes they will ask for alternative concessions such a discounted home price or credits toward repairs so that they can fix the issues themselves.
Common optional repairs include:
- Doors and windows
- HVAC systems
- Electric Systems
A few things that most buyers will consider fixing themselves include minor repairs, cosmetic issues and easy replacements like smoke detectors and electrical plates.
What If You Refuse to Make Repairs?
This all depends on the negotiated contract. Oftentimes a contract will have clauses that will require you to repair issues that involve health and safety. This is why it’s imperative that you read the contract thoroughly before signing.
Beyond required repairs, refusal to repair can lead to loss of financing or even termination of the contract by the buyer. An alternative to repairing could be the seller offering concessions as discussed above. Either way, you will want to decide ahead of time on your willingness to handle potential repairs or concessions.
Selling Your Las Vegas Home “As Is”
If you want to avoid these requests by the buyer altogether, selling your home as-is is the way to go! Potential buyers will know ahead of time that they are not able to negotiate repairs, so they will have realistic expectations when they tour the home.
We Buy Any Vegas House will pay cash for your property! We buy homes in any condition in Nevada and we don’t expect sellers to make any repairs or improvements. Contact us today for your free cash offer.