How long does a buyer have to respond to a repair request?
When he/she submits a request for repairs, the buyer sometimes asks for particular contractors to do specific work. The seller typically has three business days from the time of receipt to respond to buyers. In that period, the buyer cannot change his/her request.
How long does a seller have to make repairs after inspection?
Before the 10th day elapses, notice of any defects that the buyer wishes the seller to correct must be provided. The seller then has five days to respond (no response indicates seller’s refusal to make repairs). If the seller agrees to repairs, the inspection period is over and a major walk-away...
What happens if a buyer does not respond to an inspection?
No response from buyers is the same as acceptance to the seller’s reply. A buyer can attempt to continue to negotiate for inspection-related repairs during his/her three-day response period, but sellers are not obligated to reply. By taking this extra step, buyers have essentially rejected the seller’s initial response for repairs.
What is the buyer’s Reply Period when selling a house?
The buyer’s reply period still expires as though the sellers responded timely and do not collect extra time because of the slow response from sellers. Sellers typically get a week or two to hire contractors or do the work on his/her own, depending on how the buyer and broker wrote the request for repairs.
How long should I wait for seller to respond?
In theory, sellers can take as long as they want before responding to an offer, but most listing agents get back to buyers within a few days. For the most part, 24 to 48 hours seems to be the standard observed by most sellers and their agents, but there are some exceptions.
What is a seller obligated to repair?
Sellers have a legal obligation to either repair or disclose serious issues with the home. If the repair request is a big one—and it's not a surprise to them—they're almost always going to be required to spring for the cost or lose the sale.
How long does a seller have to respond to a request for repairs in California?
The 17-day deadline to make any requests for repairs comes up fast. Nevertheless, this is the date by which you must make your requests to repair items on the property you're seeking to purchase.
What happens if seller doesn't respond to Binsr?
IF the Seller does not respond, this means that the Seller will not do anything. Once the Seller responds (unless they agree to everything) the Buyer has five days to either continue to negotiate, accept or cancel the contract with full refund of the Earnest Money.
What should you ask seller to fix after inspection?
Common seller repairs after home inspectionMajor electrical issues that are safety or code issues.Plumbing, drainage, sewer, septic, or water issues (or well water issues, if applicable)Mold or water damage.HVAC problems that affect home comfort.Leaking roofs or missing shingles.Termite and pest damage.More items...
When can I walk away from mold in my house?
The home you are looking to buy fails inspection due to mold, termites and a compromised foundation. If you are not used to fixing these kinds of issues or have the budget to do so, walk away. Mold can be cured, but termites and foundation problems can be very costly to repair.
Can you ask for price reduction after inspection?
You can realistically negotiate for anything after a home inspection, but getting the seller to agree to your terms is the real trick. You will need plenty of evidence such as pictures and repair estimates, as often a seller will actually be unaware of the defect in question.
What fixes are mandatory after a home inspection in California?
What fixes are mandatory after a home inspection?Mold or water damage.Pest or wildlife infestation.Fire or electrical hazards.Toxic or chemical hazards.Major structural hazards or building code violations.Trip hazards.
How do you respond after a home inspection?
10 tips for how to have a good negotiation after a home inspectionReview the report with your real estate agent. ... Prioritize repairs by cost and severity. ... Don't sweat the small stuff. ... Request concessions for major items. ... Get quotes from contractors. ... Take the market into consideration. ... Know what “as-is” means.More items...•
Does seller have to respond to offer?
Homebuyers typically anticipate a response after taking the time to write an offer. However, sellers are under no legal obligation to respond or otherwise entertain an offer. To improve your chances of gaining a seller response, follow the offer instructions precisely and make your offer competitive.
What does Binsr mean?
Buyer's Inspection Notice Seller ResponseThe BINSR is a document used during an Arizona Real Estate transaction that stands for Buyer's Inspection Notice Seller Response.
How do you negotiate with Binsr?
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How long does a seller have to respond to a buyer?
The seller typically has three business days from the time of receipt to respond to buyers. In that period, the buyer cannot change his/her request. A seller has a choice of three responses. He/she: Agrees to buyers’ repairs, with all work completed within three business days of closing to allow buyers to view the completed work ...
How long does it take for a buyer to respond to a seller's inspection?
A buyer can attempt to continue to negotiate for inspection-related repairs during his/her three-day response period, but sellers are not obligated to reply. By taking this extra step, buyers have essentially rejected the seller’s initial response for repairs.
How long does it take to get a home inspection?
Buyers typically have 10 calendar days after mutual acceptance to complete the inspection process. The timing is critical. Ten days covers the general home inspection as well as possible additional inspections from specialists, reading and reacting to the inspection report (s), and submitting through his/her broker a request for repairs (if any) ...
Why do you need to inspect a home before buying?
The objective is to uncover defects in the home that may require a response from the seller – or, conversely, confirm there’s nothing serious and give buyers peace of mind.
What if the buyer calls for all the items from the inspection report to be addressed?
What if the buyer calls for all the items from the inspection report to be addressed? The seller may respond by agreeing to complete three items, pay a concession (typically cash at closing) for two more issues and ignore the others. Both sides can also agree to do a “hold back;” similar to monetary concessions, escrow holds back about 1.5x (times) the repair estimate, with the work completed soon after the buyer moves in and seller is responsible for payment (not the best position to be in for sellers, who may be asked to fork out even more if a major issue is discovered after the start of repairs).
When is the inspection contingency waived?
The inspection contingency is also waived at the end of the mutually agreed time limit whether both parties have agreed on how to address lingering issues. If the seller responds to the buyers’ requests for repairs after the seller’s due date, the buyer’s reply period is unaffected.
When do buyers terminate an agreement?
To be sure, when buyers terminate an agreement it is typically after they learn of an issue with the home following the inspection – and not to aggravate a seller.
How long does a buyer have to inspect a house after a seller agrees to repair it?
If the seller does not agree to ALL repairs, the buyer has five more days from the receipt of the seller’s written response to decide whether or not to proceed with the transaction. That’s right, ANY repair.
What is the seller's response to a list comprised of such nuisance items?
A seller’s response to a list comprised of such nuisance items typically goes one of two ways. 1. The seller exhales deeply, thanking his lucky stars that the inspection gauntlet has been navigated with minimal carnage.
Can a buyer torpedo a leaky sprinkler head?
And while the buyer is unlikely to torpedo the transaction over a leaky sprinkler head per se, it does provide additional time and impetus to rethink the entire endeavor, for buyer’s remorse to take up occupancy in a fickle mind … for a superior property to enter the market and attract the attention of the buyer, YOUR BUYER, while he still has a transactional out.
What happens if you request a repair?
If you request a repair, the seller has the right to ignore, deny, or agree to the request, or attempt to negotiate a compromise.
What is the right to request repairs on a property?
As a real estate investor, you’re looking for a property that will provide a good return on your investment, but you still want the purchase to constitute a good deal. Sometimes, this involves buying a property that isn’t move-in ready at the time of purchase. Nevertheless, when there are problems with a newly-purchased property that will be costly to fix and which are the responsibility of the sellers to repair, buyers have a right to request that repairs be made by sellers before the close of sale. The timing of these requests, and the buyer’s rights when requests are ignored or denied, are important to understand.
What happens if you refuse to make repairs on a house?
If your requests for repairs are refused by the seller, you are likely entitled to a refund of your earnest money on deposit. Even if you cancel the sale after an unsuccessful negotiation of the repairs you requested, rather than an outright refusal to make repairs, a real estate lawyer can assist you in getting back the deposit funds you’ve provided to the buyer so far.
Who is the attorney for disputed sale in California?
If you are in need of skilled and knowledgeable legal counsel for a real estate transaction or disputed sale in Southern California, contact the San Diego real estate litigation attorney Jon Alan Enochs for a consultation, at 619-421-3956.
