How buyers leaving the Bay Area can avoid a shocking delay
Apr 02, 2023Marketwise for the Bay Area News Group and its flagships The Mercury News and East Bay Times
Published: April 1, 2023
By Pat Kapowich
Q: We sold our house after the first weekend. The home we are buying out of state is contingent upon the sale of our Bay Area residence. Yesterday, we received a repair list from the buyer’s agent. It is a long email with attached inspection reports. It came as quite a shock.
The homebuyers and their buyer’s agent know that we bought a home. Our house is full of moving boxes. They saw us busily preparing to move soon. The seller’s agent representing us believes that the homebuyers and their buyer’s agent are trying to take advantage of our situation. How can we save our home’s sale without high costs and delays?
A: Renegotiations during residential real estate transactions need to be appropriately formatted. If you are using the California Association of Realtors (C.A.R.) forms, insist that the buyer’s agent use C.A.R. Form Request for Repairs (C.A.R. Form R.R. Revised 6/22). Using Advanced Real Estate Solutions forms, employ the PRDS Addendum Regarding Repairs, Corrections, or Other Actions (Form RABC Revised 07/18). The current request via email needs to be corrected. Those C.A.R. and PRDS forms are highly structured and correspond to their real estate purchase contract brand.
Find out if the out-of-state sellers of the home you are buying will or will not allow more time to renegotiate, make repairs or resell the property. The three keys to negotiation are time, power and information:
· If the out-of-state home sellers will grant you more time to make repairs or find a different homebuyer, you regain control of the Bay Area home sale narrative.
· Utilizing the proper request for repair forms will grant you the power to negotiate with structure, timelines and eventual finality.
· Armed with the information that investing in repairs will enable you to resell the property or sell for more money, you are empowered to control the current sale of your Bay Area home.
Home sellers can position themselves to negotiate from strength over weakness. First, home sellers should engage in complete presale inspections. Second, decide with the seller’s agent to prioritize deferred maintenance items needing attention. Lastly, before the first homebuyer sets foot on the property, also invest in enhancing the property. Retailers, theater owners and movie producers prepare diligently before the grand opening, open night and first box-office weekend. Full stop. Savvy home sellers do the same before the first open house. The commonality shares undeniable significance. The newness to the public only happens once.
Questions? Or are you or someone you know navigating life’s transitions? Let lauded negotiator Pat Kapowich make your next move easy. Visit Kapowich’s website for free area housing data, insights and trends. Or put his artful blend of specialized credentials, decades of experience and endorsed skill set to work for you. Kapowich instills confidence when buying, selling, relocating or resizing homes. Do not just make a move — make the best move. Contact him today, Realtor Pat Kapowich, a career-long consumer-protection advocate.
Office: 408-245-7700; SiliconValleyBroker.com
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