R.Townley Roofing

R. Townley Roofing wants to be your roofing contractor!

Roofing Issues for

Buyers and Sellers

Buyer’s Perspective

 

From a buyers perspective, if a home they are considering purchasing needs a new roof they will probably assume one or more of the following:

 

1. The seller is waiting to see if the roof will be called during inspection.

 

2.          The seller does not have enough available funds to repair or replace              the roof to make it

             presentable for sale.

 

3. The seller has listed the home taking into account the fact that the roof might need to be repaired or replaced, and is willing to negotiate the issue when and if it comes up.

 

4.          The seller means “as is” and they really mean it!

 

Buyer Considerations

 

1. You don’t want to deal with a roofer issue for at least 2 years.  Determine your comfort level in replacing a roof on this house.  How big an expense are you looking at down the road?

 

2.          How reliable is the roof certification which the seller is providing?

 

3.          Weigh the lender requirements vs. your own needs.  If you plan on              adding a second story to the house, how does that affect the roof              situation?

 

4.          Realize that the seller may only be required to do minimal repairs              or replacement.  You may want to contribute to an upgrade in              roofing material to match the house.  A 3-tab roof might not look              appropriate but it is all that the seller is required to install.

 

5.          Estimate how long you expect to live in the house.  You do not want              to get stuck having to replace the roof in order to sell     the house.               Consider giving yourself a buffer zone by upgrading to a long lasting              material to avoid this situation.

 

6.          Even though a recover is acceptable now, it might be better in the              long term to do a tear-off now and include the    additional cost in              financing.  Have reasonable expectations in line with the age of the              home.  Don’t expect a perfect roof.

 

7.          If the seller cannot afford to pay for a new roof, then ask the roofer              if he can be paid at closing.  Or ask the agent and lender if they can              do an escrow-holdback so the transaction can close and the roof can              be installed at a later time.  Then the roofer would be paid by              escrow on completion.  (This can be an important option when the              weather is bad.) 

Negotiating Roof Issues

 

Let’s face it, no one wants to have to replace a roof in order to sell a home.  It almost doesn’t seem fair from the seller’s perspective since they will get no use of it.  So it is most often that a seller deals with this issue reluctantly.  Here are some considerations to keep in mind: