Due Diligence…the Final Hours – Repair Addendum Begins
At this time, you have gone through all your Inspections and itemized all the Fixes that you see as being most important. You have also, gone over the Contractors Preliminary Budget on Rehab Costs all during this 10-15 Business Day Due Diligence Period. You have decided to Move Forward with the Purchase of this home as you still think it is well worth it to invest your money and energy into it (noting you are going to live there for at least 3 years and maybe you will stay there for 20 years).
Now you will work with your Realtor® and make sure you get your Repair Addendum put together so that it can be sent off to the Listing Agent who will deliver it to the Sellers. Since you are going to do some Rehab to the home, there are a few items that you can ignore (AC, Heater, Kitchen issues that were found). Here are some items you may have found wrong with the home so you are asking the Seller to have them fixed by a SC Licensed Professional/Contractor of the trade (that needs fixing).
- Small leak around vent tube on roof
- Moisture build up along the foundation – need landscaping done to slope the grade of the dirt away from home. They have no gutters, so a long line of small ditches along the home and water doesn’t drain away.
- Flaking paint on trim around door frames (garage mainly), so that should be painted and caulked to keep the water out of the wood and home.
- Dryer Vent is not connected anymore to outside. Lint is building up in the attic and needs to be reattached, more securely.
- Storm door on back of home is old and not closing right and screen has holes. This should be replaced.
So, all in all, there is not much you are asking the seller to repair, mainly due to your Rehab as I said. You want to have your Realtor® submit the Repair Addendum prior to the End of Due Diligence. If your Due Diligence period Ends prior to getting the Repair Addendum Signed Off on by the Seller, then Officially/Contractually you are stating you will accept the home in As-Is Condition, so be sure to get that Repair Addendum submitted as early as possible so the Seller has time to review and get quotes for repairs.
Next week, we will continue with the End of Due Diligence and the Repair Addendum saga…..it can get stressful…!
Realtor®, Owner, InvestorGary@garybuchananrealty.com
http://garybuchananrealty.com824 Johnnie Dodds Blvd
Mt Pleasant SC 29464