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You would use a standard contract if there are repair issues you want fixed by the seller. There is no set amount or percentage for repair costs. It depends on the home. Is it a low price fixer-upper or a high priced luxury? Does it appear to need lots of work or only a few items? Are you going to live in it yourself or rent it out or flip it? Is a price reduction more important and you repair it yourself or getting the seller to do it before closing more important? A rule of thumb is about 1.50% of the purchase price but definitely go higher if the home is in bad condition. But not too high or the seller will reject your offer. Be prepared to negotiate in most cases between repairs and price. I have had many cases of a $5,000 price reduction on a $150,000 home (3.0%) because that was easier for the seller to do. If you are financing it, the lender might require specific repairs before closing so if you see major items than you should use the standard contract. You should not do repairs before the closing as the home is not yours yet and all kinds of things can go wrong, so the seller should be put on the spot to do lender required repairs.I only use long time experienced inspectors and they all look for the same things, big and small. I insist on pictures of everything broken and everything in good use in the report so there is no arguments at closing over what was what and what was there. Everyone has different ideas of what is important so my inspectors test even "small" items. Realize that any inspection is only good for that particular day and time. If there is a long time between inspection and closing other items can go wrong. And an inspection can't predict the future and what might break after closing, especially if it is an old home with old items.
I am a Realtor- Broker in Gainesville, Florida. You can use an AS-IS contract for a regular sale and it's used quite often for regular sales. Almost all short sales and foreclosures are advertised as AS-IS only. When you use it for a regular sale it gives you the opportunity to back out from not liking the inspection results for any reason. The seller cannot back over an inspection issue. You can ask them to fix it and if they refuse the onus is on you as the buyer to accept it as it is or cancel the contract. Make sure you do cancel within the specified time period you wrote in the contract or you will lose your depositif you don't close the deal.Mark Cohen, Broker - Agent, Eyemark Realty, Gainesville, Florida
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