Description

Managing Residential Structural Issues During a Real Estate Transaction Course:  subject pending approval  

Topic: F  1.5hrs  Instructor:  Rachel Oslund, Lodestar

1. How structural issues are identified i. Seller knowledge/disclosure ii. Walk-thru or showing (concern noticed before HI) iii. Home inspection iv. Appraisal v. Historic information and permits 2. Get the right assessment i. Structural Engineer ii. Advanced Structural Assessment iii. Wrong choices 3. What determines when structural issues become a real issue? i. Engineering Reasons 1. Safety 2. Stability 3. Habitability 4. Damage to Other Systems ii. Real Estate Reasons 1. Inspectors find them 2. Uncertainty (i.e. risk) 3. People Just Don’t like it 4. Too much internet research iii. Contractor opinions of structural issues (15 minutes) iv. Unpermitted Alterations v. What determines when structural repairs are NOT needed? 1. Amount of movement 2. Favorable Related Conditions 3. Established history of stability 4. Managing Structural Issues a. Seller pre-listing strategies b. Complications i. buyer angst or seller denial ii. internet information iii. improper assessment 1. overstating problems 2. understating problems iv. experience of agents/buyers with structural issues c. Get ahead of it d. The right assessment i. Engineer ii. ASA e. The Inspection Addendum i. How to write a good structural request (Buyer) 1. ask for seller credit 2. request seller to hire engineer 3. request repairs to be made 4. walk away ii. How do deal with a structural request (Seller) 1. Offer credit 2. Your own evaluation 3. Do repairs before closing 4. Cancel contract