Negotiating Post Inspection Repairs
After an offer has been accepted by the seller the buyer is usually tasked with getting an inspection performed on the home during the agreed to time frame. Having an inspection performed is an important thing to have done as it provides to the buyer a detailed report of the current condition of the home. If there are major issues with the home, then repairs might in order or the buyer can opt to move on and find another home. As based on the current condition the price offered may not be worth it. Buyers may still like the home but, may want repairs done in order to make sure they get a quality home upon closing. This article explores how home buyers and sellers can negotiate repairs based on a home inspection report.
Review The Home Inspection Report
Once provided the home buyer should review the home inspection report and ask questions of their real estate agent and home inspector to make sure they fully understand any potential condition issues noted. Home inspectors are generalists and while they can identify issues with particular areas of the home they will usually recommend further inspection be done by a licensed professional (where licensing is a requirement) specializing in the area of concern. Sellers sometimes may call into question certain repair requests based on their knowledge of the home. Having a definitive opinion from a professional server contractor can help settle any debate between the buyer and the seller.
Buyer Agrees to Take Home As-Is
If the issues are not major or the issues are something the buyer can deal with on their own (see below) then...
The data you see below is from the Cincinnati Multiple Listing Service (MLS). Average days on market refers to how long on average a property stays on the market before accepting an offer. The properties sold represents the number of multifamily properties that have been sold during the month being reported on. If there is other data you would like to see please feel free to make a request in the comments below.
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Median price has gone up from February 2023 and the average days on market has also reduced which means the luxury real estate market is showing signs of life. More homes have been sold and the real estate listings have also increased.
Housing Starts and Permits Drop in March - There were some revisions to the February numbers but higher rates are causing things to slow down in the new construction home market.
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How Do Construction Loans Work And When Are They Best to Use
Are you starting to think about buying a home? Have you looked at properties on the market, but nothing jumped out at you?
Maybe you have specific things you want in a home you can't find. If this sounds like you, custom building a home may be the route you want to take.
Building your own home will allow you to make your best choices from top to bottom.
But how do you go about financing a new home-building project? We will explore everything you should know about getting a loan for construction. Construction loans have a bit more work to them than traditional financing.
Let's examine what you need to know about construction loan financing.
What is a Construction Loan?
A construction loan is designed to cover the cost of building a new home. With a construction loan, a borrower will receive a lump sum of money that they can use to pay for the costs of building their new home. Construction loans are short-term and typically have a duration of one year or less.
A construction loan can be obtained through a bank or other financial institution. To qualify for a loan, the borrower must meet certain criteria, such as good credit and a reliable income.
The loan amount is typically based on the estimated cost of the home-building project.
Once the loan is approved, the money is typically disbursed to the borrower in stages. These stages are called “draws”...