There is no such thing as a house that is in impeccable condition at any given time. This comprises homes that have recently been constructed.
Surprised?
The people working at Scott Home Inspection in Colorado have compiled a list that can be found on their website that highlights the flaws that are the most common in newly built homes. There are some pricey items on the list, such as “… heating and air conditioning that has been improperly installed.”
The replacement or repair of a roof is one of the most expensive home improvement projects. What is the price? The price of a new roof can range anywhere from $10,000 to $15,000. According to Gregory Kyler, a licensed general contractor who specializes in custom building, who was interviewed by Jami Farkas at yahoo.com.
According to research published by Geoff Williams and Teresa Mears on the website money.usnews.com, the typical lifespan of a roof made of “Slate, copper, and tile…” is fifty years.
If you choose to shake shingles for your roof instead of fiber cement shingles, you can expect your roof to last for about half as many years, which is 30 years.
The climate and the likelihood of natural disasters are two factors that directly influence life expectancy.
What should you do if you submit an offer on a house that you’ve fallen in love with, only to have the home inspector raise red flags about the condition of the roof?
Stay in the game and don’t give up! You can still save the deal and avoid having to pay for the work that needs to be done by taking advantage of the various options available to you.
Renegotiate the home’s price
Your first order of business is to get estimates for the necessary roofing work that must be done. Be sure to get a proposal from a professional roofing contractor by having them provide you with the estimate. Follow the steps outlined on roofonline.com to determine whether or not a contractor possesses a valid license.
Subtract the price of the winning bid from the amount that you offered for the property. Your real estate agent will present the agent representing the seller with a revised purchase agreement shortly. After that, all there is to do is wait.
If the vendor is willing to accept the lower price, you have cause to celebrate! If not, and you have the money necessary, you may try asking the sellers if they would be willing to divide the cost with you.
Consider including the cost of repairs in the mortgage amount if you have any wiggle room in the total amount for which you have been pre-approved for a loan. Because of this, you will need to raise the price that you are giving.
However, this is a situation that is very far from perfect. Will the appraiser agree with that price for the home?
Renegotiate the contract’s conditions
If you know that the purchase price reduction request might be a deal breaker for the seller, get together with your agent and pore over the contract terms.
Perhaps the seller will be amenable to paying for the roof repair or replacement before the close of escrow. Another method used is for the seller to place that amount of money in an escrow account so you can use it to pay for the roof work after closing.
The latter may raise issues with the lender, who may want a roof certification before releasing funds for the purchase.
Roof problems listed in the home inspection don’t have to be a deal breaker. Once the sellers are informed about them they will need to disclose them to any buyer that comes along after you and will face the same requests that you are making.
Don’t give up! We will negotiate for you and win you that home.
