You had a home inspection performed on the house you want to buy. However, the inspection revealed that repairs need to be made. For obvious reasons, you want these repairs fixed before agreeing to buy the property.
When this happens, so it’s important to take the right steps to ensure you get the best results in your negotiations. Here, you will learn what to do and how to proceed after discovering issues with your new potential residence.
Why Negotiations Are Important
Understanding how to conduct negotiations after your home inspection is key in getting the best outcome. For starters, you shouldn’t share the full results of your home inspection with the home’s seller. What’s more, it’s good practice to keep a running list of the most essential (costly) repairs. These include things like:
Moreover, you shouldn’t assume that the home’s seller will take care of the property’s biggest concerns before you move in. As such, it is advised that you work on negotiating either a reduced purchase price or a closing cost credit. In doing so, you can be sure to choose your own contractors to address the necessary repairs.
This is because home sellers often go with the cheapest option available if they decide to have any repairs fixed. By selecting your own contractor, you can choose the one you trust to perform quality work on your new home. Before you settle on a contractor, it’s a good idea to get as many bids as you can.
Most contractors will present an offer within 48 hours, so you shouldn’t have any trouble getting plenty of options quickly. However, you want to keep in mind that you’re operating on the seller’s time. They want to sell, and if an offer presents itself that the sellers choose to take, you could lose the house, regardless of the pending repairs. Delaying the sellers too long could result in the above, so do your best not to drag out the process of choosing a contractor.
Now that you know the typical process following a revealing home inspection, let’s turn back the clock for a moment and start with the home inspection process. This will give us a starting point from which we can work our way to negotiations.
Ordering the Home Inspection
Before any of the above takes place, you will need to have a home inspection performed. Home inspections aren’t a requirement, but they are highly recommended. As the buyer, you are typically responsible for arranging and paying for the inspection.
Moreover, the starting price on home inspections starts at around $350 and goes up from there. While this might seem like a lot, it’s actually quite reasonable considering all that it can tell about your potential future residence. Once your home inspection is complete, you can rest easy knowing precisely what needs to be addressed before moving in.
After the Inspection
You’ve established with your home inspector that there are areas needing repaired. The next step is to speak with your realtor about the things that need repairing. Start with the most pressing concerns and work your way down the list. Then comes the time to present your findings with the seller. It is best practice to do so in a kind and gentle manner. In most situations, sellers will either consider agreeing to a repair credit or counteroffering the purchase price.
Paying for the Repairs
The seller is typically expected to pay for the repairs. In most cases, the repairs revealed by the home inspection are given at a reduced price or repair credit. Both you and the seller benefit from this, as you get to choose the contractor you want to make the necessary repairs, and the seller pays you with a credit.
Your report from the home inspection is your main point of leverage. Most commonly, sellers will choose to settle to ensure the sale of the home, especially after discovering the repairs the need to be made. However, sellers also have the right to walk away from the sale. As such, you should be prepared if this happens.
Call Palm Beach County’s Trusted Inspection Service
Guardian Angel Inspections are Palm Beach County’s trusted inspection experts. If you want to ensure that you receive a comprehensive home inspection, give us a call today to schedule a consultation.
When we perform inspections of any kind, we follow a strict series of protocols to ensure that nothing is overlooked. Our home inspectors have years of experience and expertise to deliver the very best inspections in Palm Beach County.
We will thoroughly inspect your property to ascertain whether everything is in working order. If you’re ready to discuss your home inspection needs, please call the experts at Guardian Angel Inspections today at (561) 512-7854.
The information in this blog post is for reference only and not legal advice. As such, you should not decide whether to contact a lawyer based on the information in this blog post. Moreover, there is no lawyer-client relationship resulting from this blog post, nor should any such relationship be implied. If you need legal counsel, please consult a lawyer licensed to practice in your jurisdiction.