In Episode 31 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether you should get things fixed or just ask for cash when you run into repair requests during a transaction. Hear why Jenn almost always asks for cash and why Monica follows her client’s lead on this decision.
- When repair requests are an issue, should you get something fixed or just ask for the cash?
- Jenn asks for the cash, coming at it from the perspective of the listing side. She doesn’t want to deal with complaints about how the work is done.
- She feels that the buyer should take care of the repair with the vendor of their choice.
- Monica makes this call based on what the clients want.
- For instance, if the buyer is your client and wants to do the work themselves, that makes sense.
- Jenn points out that this also depends on the house and how well it has been maintained.
- If the seller has done a lot of DIY, she doesn't want them touching anything.
- Monica reiterates that it is our job to ask what the client wants.
- Monica explores what should be done when people are not 100% sure about the scope of the repairs.
- Jenn suggests that in that instance, it can be a good opportunity to extend the inspection period or to open up a larger escrow.
- Jenn describes how using escrow for repair funds can work.
- Monica generally agrees with Jenn but feels open to what her clients want to do.
- Most agents surveyed said they would ask for repairs over the cash.
- Monica reminds us to be in tune with our clients.
- Jenn recommends getting the cash.
3 Key Points:
- Some agents will ask for the cash because they want the buyer to be responsible for taking care of the repair.
- Sometimes your client will want the repair done. Listen to them and understand where they are coming from.
- When you don’t know the potential scope of repairs, consider using escrow to manage that aspect of the transaction.