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Obtain repair estimates before making a final decision!

When making an offer, you must evaluate the value and condition of the property you are about to buy. If the property is in disrepair, it could cost a substantial amount of time and money to bring it up to today’s standards. Obtain realistic estimates before finalizing your negotiations.

If the property has already been pre-inspected, review the report carefully and pay close attention to all deficient areas. If any deficiencies exist, ask the Seller if they plan to correct the problems or if they have any repair estimates. Determine how long it will take to obtain written estimates. Study the cost of repairs.

If the property has not been inspected, have the property inspected by a professional. Evaluate all inspection reports for completeness and accuracy. Review all major deficiencies with the Seller and try to come to an agreement. Base your decision to buy or back out of the sale on the type and cost of repairs. If interested, move forward with negotiations. If not, request to be released from the contract.

If the Seller and you wish to proceed with the contract, base your decisions on estimates obtained from a professional contractor. The estimates you receive should be in writing and should be reviewed by both parties. If an estimate seems high, then make it a point to obtain another estimate.

The final decision to buy is up to you. From our experience, you won’t find a perfect property. You will find that repair estimates can vary considerably from one contractor to another, and usually, you will find that there are several solutions to most problems.

Finally, remember to re-inspect all repairs or have the Seller escrow money for repairs that cannot be performed prior to closing!

When obtaining estimates…don’t get burned!

  • Select reliable and knowledgeable contractors who have been in business at least 5 years.
  • Make sure the contractors are insured.
  • Check each contractor’s references.
  • Make sure all estimates are in writing.
  • Make sure each estimate specifies the work to be performed and includes a detailed list of materials.
  • Select a contractor that you feel you can trust.
  • Find out how long it will take to complete the job.
  • Determine when the contractor can begin the job.
  • Carefully review all payment schedules.
  • Ask each contractor for their warranty policy.