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Home Sequim Real Estate

Buying a House That Needs a New Roof

Chuck Marunde by Chuck Marunde
September 6, 2019
Reading Time: 2 mins read
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What if you want to buy a house that needs a new roof? This might be a simple question, but the solution can get complicated. Here are your options if you find the ideal property in the right location but the house needs a new roof.

My House Needs a New Roof

First, you could negotiate your best price and after closing have a roofing contractor put on a new roof, assuming you have the cash to do that. Depending on the total square feet, that will cost $12,000 to $18,000. Second, if your lender requires a new roof before they will fund your loan and close (because the roof has less than two years left), you could have a dilemma. But there is an approach that often works, and it’s an approach I used for the sale of the home in this photo.

New Roof

This home has two roofs that are full of moss, and the roofs are 38 years old. The buyer’s lender required a new roof for both houses prior to closing. So then the question is, “Who will pay for the roofs?” A buyer isn’t going to put money up prior to closing to repair the roofs, and a seller isn’t going to advance money to put on a new roof before closing. There’s always a possibility the buyer won’t close, so a seller doesn’t want to risk it, and the seller may not have the funds anyway.

A New Roof Solution

In this case we simply raised the price by the amount of the roofing contractor’s bid to a new roof on both houses (one roof is the main house, and the other roof is the guest house above the shop). The total roofing bid was $28,000, so we raised the agreed selling price by that amount, and we hired a roofing contractor to do the work prior to closing. Since the roofing contractor has a 10 day grace period to pay his roofing supplier, the roofing contractor could do the work and get paid out of escrow at closing. That way neither buyer nor seller had to come up with the funds to put on a new roof.

Last Updated on September 6, 2019 by Chuck Marunde

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Chuck Marunde

Chuck Marunde

Chuck grew up in remote Alaska, graduated from the University of Alaska with a degree in Economics and Teacher Certification, and after teaching high school for two years, went to law school at Gonzaga University in Spokane, Washington. He served four years as a Captain and JAG in the USAF at Nellis AFB in Las Vegas. After practicing real estate law for 20 years in Washington, Chuck founded iRealty Virtual Brokers covering Sequim and the beautiful Olympic Peninsula. He is the author of 2,200 real estate articles and a dozen real estate books, and he produced over 100 real estate videos. Chuck combined his love for real estate and technology to create a massive Internet presence, and his articles and videos and books have been viewed by millions. Chuck is a well recognized real estate expert and his counsel is sought by other brokers and practicing attorneys around the country. Buyers from New York to Hawaii and from Florida to Alaska seek him out to retain him as their buyer's agent, and home owners around the State of Washington seek him out because of his new Flat Fee Listing Service. 

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    • Port Angeles MLS
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