Interesting. I have never gotten any repair estimates from a home inspector, and certainly not written estimates that I would be able to give to the sellers to try to justify costs. The inspectors I have used don’t want to be liable if the estimates are too low. That’s why I asked if they had any inspection credentials and postulated that they were actually a contractor doing a bid for the job.
Whenever I had a concern over the cost of a repair and wanted the seller to pay for it, I always had to get my own estimate from a contractor/service for how much it would be.
That is the wild world of real estate, where each area does things differently. Perhaps it’s an East Coast thing, but our inspectors provide estimates, with the caveat that they may be wrong and we should bring in contractors to get more accurate pricing, having us sign strong contracts that relieves them of responsibility for missing things or providing incorrect pricing. This guy assessed $100-300 for a line of caulk! Loose outlet, $300. Everything priced as though the electrician would come out for each little thing separately. The buyer’s agent had it right…only small items were present and the rest was fiction. We maintain our properties well. It’s cheaper in the long run, and with rentals creates competition between prospective tenants to get the rental. We were selling this because it frees us up and would net us an excellent after tax profit with the 2/5s capital gains exclusion from prior residence, and our current low retiree income treating much of the remaining profit at 0%, the remainder at 15%. No Roth conversion this year!
I was conflicted about selling it, and could have easily thrown it back on the rental market for a crazy high price. Super profitable rental, but the appliances, water heater and HVAC were all coming towards the end of their life and I could see large repairs in our future. We of course had budgeted money for that, but selling now allowed us to pocket that money as well. It’s not always a good idea to ride an investment down to get the last penny.
Timing matters. The previous owners bought this property in 2008 at the height of the market. They proceeded to put in a kitchen that had to be AT LEAST $25,000 at that time, as well as update the bathtub in the main bath, a new water heater and HVAC system. Even without closing costs for both ends of the transaction, they clearly lost money when we bought it in 2017 for only $22,000 more than they had paid for it, though we did have to put $13,000 into it for a new roof, refinish floors, and a landscape overhaul to bring the property up to standard. Sure, if we wait we might make a bit more on the property, or we might be in a post high downward swing, or have to sell, making us more desperate. Hogs get slaughtered. Time to move on.