Perfect Negotiation After Home Inspection

Perfect Negotiation After Home Inspection

No house is
perfect. If you have done a home inspection and there are issues that need to
be fixed, what do you do? There are a number of routes you can take to
negotiate repairs, but each option needs to be carefully considered in order to
benefit all parties.

Renegotiation of the house price

If an inspection
reveals that the house is in need of repair, you can renegotiate the price with
the seller. It is therefore essential that you provide a copy of the home
inspection report to the seller, especially if he has done a pre-home inspection.
This will allow you to work with the seller to resolve the problem.

If there are
major problems with the house, the seller should be open to lower the price to
make up for the money you will lose by making these repairs. Sellers also tend
to renegotiate more if the house has been on the market for a long time and
they want to sell it. You need to learn how to negotiate after home inspection
there.

Request a repair by the seller

Some sellers are
more than happy to make repairs if it means making a sale, but don’t let that
make you believe that all sellers are ready to make repairs. Sellers are not
required to make repairs, except in certain circumstances, before a lender
makes a loan:

  • Structural
  • faults Building code violation
  • Security issues

Cosmetic repairs
are not necessary, and if you buy “as is” or if the seller requests
an inspection for informational purposes only, you may not be able to obtain
repairs. However, this hard line is generally reserved for highly competitive
housing markets.

If the seller
says the repairs are your responsibility, get your own estimate of the cost of
those repairs to avoid paying too much.

Cancellation of the purchase contract

If you and the
seller cannot agree on a repair or price negotiation, it may be beneficial to
go away completely. This can save you a lot of time and money by fixing the
house yourself something that most people, with the exception of hardcore
DIYers, are reluctant to do.

Therefore, you
may have to cancel the purchase contract. It is not a simple process, since the
cancellation of a contract can have repercussions such as the loss of a deposit
or a lawsuit for breach of contract. But don’t let these possibilities scare
you or push you to buy a house. Adding a contingency clause to the purchase
agreement, such as being able to cancel if an inspection reveals a problem with
the home, will help protect you from liability if you need to end it.

Conclusion

When negotiating
repairs and prices after a home inspection, it is essential that your lawyer is
present to help you navigate legal waters. This will save you a lot of stress
and confusion, while keeping the process impersonal you don’t want your
emotions to run away with you and say something that you will regret.

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