If a home buyer is obtaining financing from a bank, mortgage company or financial institution, the lender will complete an appraisal. When performing an appraisal, the appraiser is looking for potential safety hazards or concerns. The buyer will determine in their purchase offer a dollar amount in which a seller is responsible to cover for bank required repairs. Some common bank required repairs include but are not limited to missing handrails, broken windows, peeling paint, missing electrical covers, and roofs that are in very poor condition.
Posted in: FAQ for Sellers