All Things Real Estate Newspaper Issue 5 Volume 4 | Página 3

sellers Kim's PROPERTY TALK: Kathleen O’Donnell O’Donnell Group Realty 503.519.3400 odonnellgrouprealty.com Did I Agree to All of the Buyer’s Repairs? J ust when buyers and sellers believe that dreaded negotiations are behind them, they are faced with the negotiation of repairs during the professional home inspection contingency period. It is not uncommon for a buyer and seller to prepare a counteroffer or two when negotiating price, seller concessions, closing date, possession date, etc. In retrospect, those initial negotiations can seem tame when compared to the buyer’s and seller’s negotiations regarding the completion of repairs. What can add an extra layer of frustration and angst to this process, is the provision expressed in parentheses at the bottom of Form OREF 022A “Buyer’s Repair Addendum”. If the seller opts to check the box to make a counter-proposal to the buyer’s request for repairs, there is a provision in parentheses which states (Note: Unless modified, all remaining terms above shall apply): Use Form OREF 022B for counter-proposal). What does this mean? Does the seller have to specifically accept or decline every itemized repair on a Buyer’s Repair Addendum? While the condition of one home may warrant a request for merely one or two repairs, and such list may fit on the one page addendum, there are other transactions where the list of repairs runs the length of the Buyer’s Repair Addendum and one or two additional Addendums. Does the seller have to respond with a two or three page addendum in kind? Another agent was recently involved in a transaction where the Buyer’s Repair Addendum included a request for the seller to complete more than 20 repairs. The seller drafted a counter-proposal on the Seller’s Response to Repair Addendum (OREF Form 022B) which contained a significantly reduced list of repairs that the seller was willing to complete. Prior to the buyer’s acceptance of the counter-proposal, the agents exchanged numerous e-mails and spoke by phone so there was a clear understanding that the only repairs to be completed were those listed on the Seller’s Response to Repair Addendum. *Continued on page 4 ial ommerc se C Mixed U In practice, a Buyer’s Repair Addendum will include a numbered list of items, say 1 to 5, for the seller to repair, and the seller will respond with Form OREF 022B “Seller’s Response to Buyer’s Repair Addendum, stating that seller will complete items, 1, 3 and 4, or will detail the repairs that the seller will complete. In the normal course, should the buyer accept the seller’s counter-proposal, the buyer and seller understand that the seller will repair items 1, 3 and 4, but is not completing items 2 and 5. More than likely, the buyer’s and seller’s agents have exchanged e-mails or have spoken about what repairs will ultimately be completed and all parties are in agreement. Charming mixed use com commercial buildings. One has a small retail sma space currently leased as a coffee shop. Rare natural woodwork. 4.5 parking spaces per building. Amazing opportunity to own your piece of Portland! 2311 E Burnside: $845,000 2325 E Burnside: $885,000 Cell 503-260-6231 | [email protected] Licensed in the State of Oregon { PortlandHomesGuide.net } Specializing in vintage and luxury homes. EXPERIENCE, INTEGRITY, FOCUS 8 COSTLY HOME SELLER mistakes Homeowners who want to sell their home know they need to get the place spruced up for marketing, but a tougher challenge for some is to get mentally prepared for putting their residence on the market. After all, if you’ve been happily living in your home for years, it can be emotionally hard to detach yourself from your memories and look at the place as a commodity you’re selling. For a smoother sales transaction that garners the most possible profit from your sale, avoid these common seller mistakes: Skipping a home inspection. Depending on the age of your home, scheduling a pre-listing home inspection could save you a lot of time and aggravation. You can address issues on your own time and budget before negotiating with a buyer to fix problems. Skimping on your sales prep. While you may be tempted to ‘test the waters’ and put your home on the market without painting it or making minor repairs, your home is likely to languish on the market and get a reputation for having a major problem. A thorough, professional-level cleaning should be your bare minimum seller prep. Your eventual sales price is likely to be lower if you don’t sell within the first few weeks after you list your home. Choosing the wrong Realtor®. Instead of picking a Realtor® who’s a friend of a friend, a relative or perhaps someone who’s great at working with buyers, take the time to pick a Realtor® wi Ѡ)