Most contracts written in the state of Florida by the buyer's agent and presented by the listing agent to the sellers are written on an "As Is" sale and purchase contract. This means that the seller is not obligated to pay for any repairs that show up on the buyer's inspection report. Minor things that show up on the repairs such as loose toilets or missing light bulbs will not be a big issue and will be taken care of the buyer once they take possession of the home. Major issues, such as a termite infestation or leaky roof, showing on the inspection report will be items that will often lead to contract re-negotiation.
For example: I had a situation where the buyer's inspection report showed some termite infestation and damage. Following the inspection report findings, the buyer obtained two quotes that showed the cost that would be needed to treat and repair the termites and damage. The quotes showed approximately $10,000 would be needed. What we were able to do was send the inspection report and quotes to the seller's bank for their review. They then reissued a short sale approval letter that had lowered the purchase price of the home from $75,000 to $65,000. The seller was happy as he was still able to proceed with the sale, the buyer was happy as he loved the house and had now purchased it for less and the bank was happy to be able to sell the home as a short sale instead of proceeding with a costly foreclosure.
Interested in selling you home as a short sale? Call me today 321-443-7257 or check out www.TheAistropTeam.com
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