A bad roof can cause water damage to a home's structure making for costly repairs.
A house inspector examines the home's systems and structures, including the roof, and identifies potential problems. While no house is without flaws, it's up to you (as the buyer) to decide how you want to address a bad roof before you close on the purchase of a house. Although a seller does not have to make repairs recommended by a home inspector, you also do not have to buy a home that needs extensive roof repair. That being said, most buyers recognize that a house likely needs some repair and factors this into their overall budget and purchase agreement. Does this Spark an idea?
Request a Seller Concession to Offset Repair Costs
When a home inspector identifies problems with the roof, you and/or your agent may request a seller concession, which is when a seller makes an offer to the buyer that generally results in a compromise. According to the Mortgage Reference Library, a seller concession consists of the seller lowering the sale price of the home to offset the cost for the buyer to make repairs once the sale is finalized. A concession will provide you the buyer with the flexibility to repair the roof when you choose and helps finance the repair costs.
Request Repair of the Roof
Another concession you and/or your agent may request is for the seller to repair the roof before you close on the house. This concession enables the seller to sell the house at the original agreed-upon price once he makes the repairs. You benefit because you purchases the house with a good roof and don't pay any repair costs from your own pocket. Although you request a seller concession of repair of the roof, the seller is not obligated to agree to your request.
Do not Purchase the House
Galt Home, a producer of online resource guides, says that one of the biggest home repair expenses is a new roof. Galt states that a general estimate to replace an asphalt roof is between $10,000 and $25,000 depending on the materials used and roof size. Depending on your budget, the cost of repairing a bad roof, in addition to the cost to purchase the house may exceed your resources. So you may decide not to purchase a house that requires too much repair to the roof and could put you in financial peril.
Tags: repair roof, seller concession, agent request, agent request seller, before close
