We all know selling a home can be a grueling endeavor:
Decluttering, staging, keeping each room in showroom condition 24/7 (a real treat for those with pets, btw), vacating the home on short notice because “this might be the buyer” – add it all up and there’s no question why sellers are gassed by the time the ink has dried on the accepted offer.
And for agents, it can be just as stressful. The pressure cooker of negotiating and delivering a deal that meets their seller’s financial goals and timelines has been known to turn a few hairs gray.
You’re not yourself when you’re
hungry tired from selling a home.
When the home inspection uncovers defects that need to be repaired, it is no wonder sellers and agents, gassed by the process and not wanting any added stress, may be inclined to issue a buyer credit and just MOVE ON.
It’s an enticing option, and sometimes the appropriate path (with, of course, some caveats), but in many cases the seller is better off to retain control of the situation and complete the repairs prior to closing.
Here are 3 reasons why:
1. The repairs actually get done.
Who likes throwing away money?
When repairs are important enough to spark further negotiation, and a credit is ultimately issued, you would think the buyer would complete the repairs.
But, in many cases, this doesn’t happen. There may be a number of reasons why, but one thing is for sure: if you’re giving up money, you want it to be used for its intended purpose.
Speaking of money…
2. It can be more cost-effective.
For the same reason you don’t feel like completing the repairs, why would a buyer want to do them – right after moving in?
Short answer: financial gain.
When negotiating a buyer credit, a buyer’s goal is simple: to extract as much money from the seller to (presumably) complete the repairs. In other words, they’re not trying to save you money; you’re likely to pay a premium to wash your hands of the repairs.
3. It’s not hard to complete the repairs!
Yes, everyone’s tired and, yes, nobody wants to deal with the hassles of closing repairs. But the days of coordinating, managing, and ensuring the quality of closing repairs are long gone.
(This is where we come in.)
From obtaining an estimate, to coordinating the repairs, to proving that each defect, line item by line item, has been repaired properly, PunchList does all the heaving lifting.
Does any of this benefit buyers?
Short answer: all of it.
If the goal of negotiating repairs is to actually complete the repairs, buyers have a lot to gain from the seller completing the repairs. A quick reframing of the points above:
- The repairs get done before they move in! They don’t need to do anything but enjoy their new home.
- Cost-effectiveness is not a concern for buyers because they pay NOTHING when the seller remedies the defects.
- With an efficient and transparent repair process where every repair is documented with before and after photos, they can feel confident that the repairs will be completed on time with quality.
The goal of any transaction should be a win-win for all parties; the same should apply to repairs.
All parties should be satisfied with the end result; the PunchList closing repair solution helps make this a reality.