Option Period & Home Repairs
The best way to negotiate repairs during the option period is to focus on structural, safety, and major mechanical defects, rather than cosmetic issues.Requesting closing cost credits or a price reduction instead of asking for physical repairs is often more effective, as it allows the buyer to control the quality of work after closing, and save the seller cost of repairs, in case the contract terminates.
Here are the most effective strategies for negotiating repairs:
- Prioritize Major Items: Focus on "big ticket" items like roof, HVAC, foundation, electrical, and plumbing.
- Request Credits over Repairs: Ask for a credit to closing costs or a lower sales price.
- Be Specific in the Amendment: Clearly state what needs fixing, such as "Have a licensed electrician repair the faulty wiring in the attic," rather than just saying "Fix wiring".
- Use Professional Estimates: Get quotes from contractors for the repair costs to provide data.
- Avoid Cosmetic or Needless Fixes: Asking for minor, non-functional issues can make a buyer seem unreasonable and stall negotiations.
The option period is designed to reassure the buyer about the purchase.
