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Disclosure Dilemmas

Winning the bidding wars

Ask Phyllis is a blog series of frequently asked real estate questions.  Have a question about real estate?  Email us here

Dear Phyllis,

Last year we had our home listed but we didn’t close because of an issue with the roof. After their inspection, the buyers wanted our roof replaced and insisted on choosing their own roofer. We have a trusted friend who is a licensed roofing contractor who provided us a repair estimate to the tune of $5,500. The buyer wouldn’t budge on a new roof; we couldn’t agree and the contract was cancelled. Because of the El Nino winter we had our friend repair our roof and had no problems during the heavy rains. As we want to sell next spring, should we be concerned about another inspection?

Carl

Dear Carl,

I understand how frustrating it can be to negotiate inspection repairs. Did you try offering the buyer a $5,500 credit and the option of replacing the roof if that is what they really wanted. The good news is that you have repaired the roof and it appears to be water tight. Ask your roofer if he will provide you with a roof certification where he warranties that the roof will be water tight for a certain number of years (typically 3-5). (Although, you don’t have to have a roof certification, it will be an advantage to).

On your transfer disclosure statement note that the roof was repaired by a licensed roofer on (indicate date) and that you are not aware of any problems since the repair. Example: On September 5th 2016, ABC Roofing repaired our roof (invoice attached). We are unaware of any problems since the repair.

If your previous buyer provided you with their roof estimate and physical inspection report, you should disclose these and any other inspections, estimates, etc. to your new buyer. These reports should be noted on the Receipts for Reports form, which the buyer will sign. Best of luck to you on a smooth escrow and successful closing.

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