Closing Repairs FAQ’s
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Closing repairs are the list of repairs agreed to be completed by the buying and selling parties in a home transaction.
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The seller is responsible for the cost of the closing repairs. They will pay upfront or at closing, depending on who is hired to complete the closing repairs. The seller may also agree to credit money toward repairs following the sale of the house.
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A home inspector does.
The inspector will assess the home and compile a list of recommended repairs to bring it up to an appropriate level for sale. The home inspector provides this list to the buyer/buyer’s agent, who decides which closing repairs to request (a repair addendum). -
Home inspections are a necessary protection for buyers.
A buyer should know whether repairs are necessary before confirming the purchase of the house. -
You can expect a multi-page inspection report with 30-40 items and corresponding images. Older and bigger houses tend to have a longer list of repairs. However, many items can be handled quickly with minimal cost or negotiated out of the closing repairs.
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Typically, closing repairs cost $750-1500 on the low end (with ten or so essential items on the repairs addendum) or $10,000+ on the high end. The price is affected by the size and age of the home as well as how the upkeep of the home has been maintained while being lived in.
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No, the list can be negotiated between the buyer and seller to determine which repairs as necessary for the house to be sold. However, structural repairs or safety hazards are often necessary to be fixed in order for a loan to be accepted, although this can vary from loan to loan.
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It can be, so instead, you can have a home inspection done and repairs taken care of before you put the house on the market; this is called pre-listing repairs.
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Pre-listing repairs are when you have a home inspection done and repairs taken care of before you put the house on the market.
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As you can imagine, the number of potential repairs needed on a home is massive, with some requiring a licensed plumber, electrician, or contractor. To date, we have catalogued 300 different repairs as part of a closing repairs job. With 10+ years in business, we have a well-versed network of skilled, trustworthy, and reputable subcontractors for specialty jobs. So, while you could hire a handyman for each job, you need a combination of a home repairs specialist, a licensed contractor, and a one-stop shop.
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Owners Choice is your solution!
We have in-house repair specialists and relationships with specialist trades that we can bring in to tackle any repairs you may need. Our company has a whole division explicitly dedicated to closing repairs. -
Most homes are under contract for 30-45 days, so the window to get the inspection, repairs 1-2 days after we receive the repair addendum, and due to the time constraints, we maintain scheduling flexibility to accommodate any timeline, even it it’s just a couple of days.
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We have a great working relationship with many local realtors, but many of them have yet to hear of us! Once you receive your inspection report, request Owners Choice to quote your closing repairs. You’ll be glad you did!
Selling a home? It’s important to know…
You will receive a list of repairs the buyer wants you to complete before they agree to finalize the deal on your house. Once you receive the list of repairs, you and the buyer can negotiate to shorten the list, with the help of their realtor, creating a repairs addendum. Once everything is decided, you are responsible for paying for these repairs. Typically, there is a very short turnaround of about one or two weeks to get these repairs done before closing.
Owners Choice can help you with your closing repairs! We understand the stressful time constraints and do our best to accommodate the quick turnaround in our schedule. We want to be a partner that helps make your selling experience as enjoyable as possible. We won’t ask to be paid until after the contract closes.
If you want to avoid the stressful timelines of closing repairs, check out pre-listing repairs instead! Pre-listing repairs are when you pay for an inspector to come to your house and get repairs done before putting your house on the market. Owners Choice can do these repairs for you!
You will have to disclose to potential buyers all the repairs you completed, as well as the results of the inspection, as certain things must be disclosed by law. Typically, the buyer will still pay for an inspection, but having completed pre-listing repairs should shorten the list.
Buying a home? It’s important to know…
As a buyer, you will pay for an inspector to look at the house you are interested in buying (certain loans require inspections). The inspector will provide a report on the house's condition and what repairs are needed or recommended. An inspection helps protect you as a buyer, so you know whether any repairs are needed before you confirm a purchase of a house. Once you receive this report, you will give the seller a list of repairs you want covered before the deal is closed. After negotiating with the seller, the finalized list—the repairs addendum—will be included in the contract for buying the house. The realtor is usually the one in the middle of the transaction.
Owners Choice can provide an estimate of how much the repairs will cost, so you can know if you should ask for money off the sale price or ask the seller to get work done on the house before you move in.