Buying A Home With Needed Repairs: What You Should Know About PICRA

4 May 2022
 Categories: , Blog

When you buy a home that is in need of any repairs, you first have the home inspection done. After the home inspection, you gain a list of suggested repairs and replacements from the home inspector that you get to go over and discuss with the seller of the home if you wish.

This is where the PICRA comes in. PICRA, or Property Inspection Contingency Removal Addendum, is the process of redefining the home buying contract based on the new information provided to you specifically in the home improvement area. PICRA experts can help you draft up the PICRA that works best for you and will be most easily accepted by the seller. Learn more about how the PICRA can be one of the most important parts of your home buying experience and why you need professionals to help you out.

You should know what your rights are as a buyer

The whole point of the PICRA when buying a home is to ensure the buyer is getting a home that is as sound and move-in ready as possible. PICRA experts help home buyers draft up the changes they'd like the home seller to meet regarding home repairs and replacements. The goal of the PICRA is to allow you to have the home repairs you desire done so you can buy your home at the agreed-upon price. You have a set number of days to draft up and show the seller what you want to have done. Your right as a buyer is to ask the seller for what you want in a home, and if the seller does not meet your needs, have the opportunity to back out of the contract.

You should have strong communication with the seller

PICRA experts help you pick and choose what repairs you want to have done, and they help you understand your home inspection results more wholly. When you show your home seller the PICRA you've created, they have the opportunity to respond. They'll either agree to some repairs and not all — this is their right and you can negotiate further if needed — or they can counteroffer and do no repairs but offer a discount on the home price instead.

Your PICRA experts will help you go over the home seller's response and understand the negotiations so you make a fair home buying decision in the end. While you may not get a home that is in perfect condition, the goal of the PICRA is to ensure you get a home in as good condition as possible based on your specifications.

Contact a professional for more information about PICRA