Houston, We Have a Small Problem…

emergency-plumbingOK, so you’re under contract to sell or buy a home with about 3 weeks until closing.  It’s mid-December and your broker calls to say that a pipe has frozen and burst in the property and there is water damage.
What does this mean to you as a buyer or seller?
Well, the contract covers this.  Section 19 states that if the amount of the damage is under ten percent of the total purchase price, the seller is obligated to repair and restore that property.  The buyer can terminate the contract only if the repairs are not done by the closing date or if the amount of the damage is over ten percent of the price.
If you are a  seller, this is where your Realtor earns his money.  He needs to get contractors in to dry out the place, mitigate any mold, have the drywall tested for asbestos before the demolition, supervise the work, yell at vendors who lag, and get all this done, assuming the buyer won’t grant an extension, before the original closing date.
I end up as the general contractor for the repair project several times each year.  Marketing and bringing you a contract is the easy part of the deal.
As the buyer, your Realtor still needs to actively supervise and advise you of the extent of the damage, progress of the repairs and likelihood of closing on time.
So you can go with a cheaper Realtor and do all this yourself by phone from Omaha, or you can list or buy with me and know that we’ve got it.
See, it’s not as easy as we make it look, is it?

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