Will I Need to Make Repairs After a Home Inspection?
In most cases, a Seller is not required to make repairs after a home inspection. Exceptions include specific items for VA and FHA loans. In North Carolina, buyers purchase the home “as is,” but they retain the right to back out of the contract if the home inspection reveals significant issues.
Repair Negotiations After Home Inspection
Depending on the home inspection results, Sellers must weigh the cost of making repairs or offering a Buyer credit to keep the sale moving forward. This is crucial to avoid having the Buyer back out.
Issues listed in an inspection report are negotiable. Sellers can choose to:
- Repair the issues
- Offer a credit to the Buyer
- Leave the issues as is
In North Carolina, a Buyer forfeits their Due Diligence money if they terminate the contract but is refunded their Earnest Money Deposit if they back out within the Due Diligence period.
Disclosure Obligations
Sellers must disclose any material facts discovered during an inspection to future Buyers. Transparency is key in real estate transactions to avoid legal issues and build trust with potential buyers.
Benefits of Using a Professional Realtor
Negotiating repairs and disclosures can be complex. Using a full-time, professional Realtor can save time and money, increase your net results, and reduce stress for you and your family. For more information or answers to your questions. Contact Michelle Clark in Wilmington, NC at MClark@IntracoastalRealty.com or 910-367-9767.