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I have accepted an offer on my home and I got asking price. The home inspector noted some wear and tear issues regarding the roof. My roof is free of leaks. I expect the repair addendum to come in soon asking for repairs to the roof. The agent representing the buyer did mention to me that I might be able to get a new roof If I contacted my insurance company because it looks like I had possible prior storm damage. The roof is only 15 years old. I am not interested in making repairs or contacting my insurance company to file a claim.
My question is: Is it correct that I am only responsible to make sure that the roof is free of leaks per South Carolina contractual guidelines? The buyer loan is a VA loan.
Just answering with my experience in Texas because I have sold many houses there with no leaks but hail damage. In all my cases the roofs did need to be repaired for the new buyers to be able to obtain property insurance when they bought the house. Who pays for the roof repairs is part of the sales negotiations.
I am. I haven't received the inspection or repair addendum yet, so I thought I would just reach out and ask for opinions. Brandon, I'm actually watching one of your videos on youtube now. lol
None of this has anything to do with you being a new agent.
Quote:
Originally Posted by saltwater_gypsy
The agent representing the buyer did mention to me that I might be able to get a new roof If I contacted my insurance company because it looks like I had possible prior storm damage. The roof is only 15 years old. I am not interested in...contacting my insurance company to file a claim.
Good thinking. Insurance adjusters are wise to that kind of dodge. If you bought 20 or 25 year shingles, then the condition of your roof, after 15 years, is wear and tear unless wind tore off pieces or you had hail damage.
This is what hail damage looks like. Visible pock marks.
If your insurance company pays for wind or hail damage it will pay ACV (depreciated value), maybe 20% to 25% up front and you will have to replace the roof to claim the rest of the replacement cost. You won't be able to assign the claim to the buyer.
If the roof has prematurely wore out you might have a warranty claim against the manufacturer. Look into that if you like. There may be some pro-rated money for you if you have the documentation of your installation.
Quote:
Originally Posted by saltwater_gypsy
My question is: Is it correct that I am only responsible to make sure that the roof is free of leaks per South Carolina contractual guidelines? The buyer loan is a VA loan.
What South Carolina contractual guidelines? Can you post a link?
I ask because a seller isn't "responsible" for anything unless he agrees to be or unless there is a statutory requirement. In other words, a written law, not just a guideline.
You can always say no and put your house back on the market.
Last edited by adjusterjack; 06-26-2021 at 10:46 AM..
I am. I haven't received the inspection or repair addendum yet, so I thought I would just reach out and ask for opinions. Brandon, I'm actually watching one of your videos on youtube now. lol
Sweet, hope they help. I've been meaning to put one out about strategies to get an offer accepted. Which one are you watching at the moment?
It's hard to advise without all the info. Is the roof at the end of the life expectancy, because it's a 3 tab 15 year shingle? Is it a 30 year 3 tab with some life left? Usually the home inspector will say the roof has some wear and should be inspected by a roofer. I guess w/o having more info, I'd say call a roofer and get an opinion. If there is weather damage, it's pretty common for the seller to put an insurance claim in. All repairs are negotiable (so you aren't required to replace/repair a leaking roof), but you have to ask yourself, if the roof does need to be replaced would the next buyer be willing to accept it "As-Is" or would you be better working it out with the existing buyer.
I have accepted an offer on my home and I got asking price. The home inspector noted some wear and tear issues regarding the roof. My roof is free of leaks. I expect the repair addendum to come in soon asking for repairs to the roof. The agent representing the buyer did mention to me that I might be able to get a new roof If I contacted my insurance company because it looks like I had possible prior storm damage. The roof is only 15 years old. I am not interested in making repairs or contacting my insurance company to file a claim.
My question is: Is it correct that I am only responsible to make sure that the roof is free of leaks per South Carolina contractual guidelines? The buyer loan is a VA loan.
Thanks!
Did you disclose to the buyer (in writing) that you are a licensed real estate agent?
Did you disclose to the buyer (in writing) that you are a licensed real estate agent?
of course
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