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Updated over 8 years ago,
advice on dealing with inspection report request
HI Everyone,
We just finished our first flip and got a full price offer (with some closing allowances) the first weekend we went to market! The buyer has just completed the inspection and we received the report. There were about 10 mostly minor issues. Also, though, there was a request at the bottom of the addendum that we provide all contractors names and receipts for all renovations and repairs done during the time that we have owned the home.
My realtor says he has occasionally seen this at the time the contract is written, but not as part of an inspection report, that the inspection is intended to identify major defects, this is not a major defect, and could be crossed off if we desire. We have no problem providing the names of all the major contractors we used during the rehab: driveway installer, granite company, HVAC contractor, drywall company, etc., but I do not think she needs all the receipts or needs to know the cost of everything we have done.
She is also requesting a receipt for any of the repairs done as a result of the inspection, which I think is pretty standard and we will do.
This is our first flip and was a bit surprised by her request. I know the appraiser may ask if the asking price is way above sales price, but wasn't expecting this from the buyer. My question is: Is this a common request of you guys. If you have seen this, do you comply and provide the buyer all of your receipts for the work you have done?
I want to do what is typically done by most flippers. If this is the norm, then we will comply, just haven't seen anyone mention this or thought this would be a request. We are not trying to hide anything. Husband is a class A licensed contractor, and all major work was done by licensed contractors.