The Property Inspection Contingency Removal Addendum (PICRA) is not a form you like to see when trying to sell your house. However, you're likely to see it anyway as the buyer and the inspector they bring in start to find things in the home that need fixing before the buyer will pay. The good news is that you don't have to do any of the repairs yourself; you can call on a licensed contractor to handle all PICRA-related repairs. When you do this, there are three things you should always do.
Always Use Licensed Contractors
It's so tempting to just try to do something yourself, especially if it involves a straightforward procedure like replacing a faucet. Don't. Get a licensed contractor for everything short of sweeping the floor. That way, you'll have warranties on the work and can have issues repaired quickly. Yes, it will cost you money, but that money could be well worth it if the buyer thinks everything on the PICRA list was done well.
Always Reinspect Afterward
When you use licensed contractors with a good reputation for the PICRA repairs, you should be able to trust that the work was done properly. Realistically, though, you should still reinspect the items to ensure the work was done. Have a home inspector come out. The buyer will likely bring their inspector back, so it's a good idea to have someone on your side take a look beforehand. You want to be able to look at the buyer and truthfully say the work is done, and the only way you can do that is to inspect after the repairs have been finished and then get confirmation from an inspector.
Always Stay Realistic About Repair Times
Repair times vary, and you don't want to promise the buyer that the repairs will be done in a certain amount of time before you speak with the repair companies. You'll have a certain amount of time once you get the PICRA form to respond. Use that time to ask repair companies for estimates on how much time they'd need to get the work done. As you negotiate the items on the PICRA list, you can figure out when each repair will have to be done relative to the others (in other words, which ones come first).
Receiving a list of items to fix or restore isn't the happiest moment of a house sale. However, licensed repair companies can handle all this work, leaving you with little to worry about other than making sure everything looks good just before the sale goes through.
Contact a home inspector or a contractor near you if you have additional questions about PICRA.