The Dreaded Inspection
When you sell your home, the buyer will be including an inspection contingency in the purchase and sale agreement. This simply states that the sale of the home is "contingent' on the buyers approval of an inspection of the home.
What this entails is the buyer will be scheduling an inspection within the timeframe specified in the agreement. Once they have the inspection report the will either approve the inspection, or they may request repairs, or they may disapprove the inspection all together and terminate the sale.
If they request repairs we can negotiate this any number of ways. We can refuse to repair anything that they requested and risk them terminating the purchase. Or we can choose to repair the most critical items and refuse to repair the minor items. We can negotiate financial compensation for the repairs and let the buyer make the repairs once they take posession. We can agree to repair everything.
Our experience is that when buyers request repairs, the best option is to negotiate financial compensation. At this stage in the process you do not want to get stuck making repairs to a condo that you won't be living in any longer not to mention that will most likely get a real bad attitude about having to make the repairs. There is enough stress in selling a condo and there is simply no need to add more if it isn't necessary.
So when their inspection report comes in, be prepared, it may be ugly, but we'll get through it.