If your contract has an inspection contingency, it will outline how the negotiation will take place. Once the home inspection is complete you can ask the seller to fix whatever needs repair. There are many options on how you can go about the process. You can even ask them for credit for compensating future repairs.
The following tips will help you negotiate the repairs after the home inspection.
You can ask for credit to compensate future repairs. If the seller agrees and you get credit and you take cash-back credit at close of escrow, you complete the repairs yourself. It will be better that the repair is handled by you because the job may be done better than getting the seller to do it.
Your agent can help you through the negotiation process and ensure that it's smooth and in your best interests. We at HelpFindingMyAgent can help you find the right real estate agent in your local market.
If you have plans of renovating the bathroom in the future, you may not mind if the floor is slightly chipped, there's some need for caulking or if a faucet is leaking. But you can still negotiate for the repairs and ask for credit to save on your closing costs.
During the inspection you should not disclose your renovation plans to the seller or listing agent. If the seller comes to know about your plans, they will keep that point in their mind. If you have plans of renovating the kitchen and you share the information with the home inspector in the presence of the listing agent, the seller is less likely to offer credit back to repair the kitchen floor or other damaged features.
Don't show the listing agent or the seller how much you love the house and how anxious you are to buy it. If the seller knows that, the negotiations could turn against you.
The seller will have 3 days to respond to your post-inspection requests. The seller can do any of the following:
If the seller rejects or makes an alternative proposal, you then have another 3 days to respond. Depending on your inspection contingency, you can decide whether to agree to the seller or terminate the contract.
Don't try to go it alone, get an experienced real estate agent from HelpFindingMyAgent. Call us today at 1-855-566-6652 and we can provide professional & free help in finding the right agent.
Tanya Stewart
Ms. Stewart holds a B.S. in Engineering Psychology from the University of Illinois, Champaign-Urbana and Juris Doctorate law degree from the University of Georgia, Athens. She has over 15 years of experience running different businesses. She taught Marketing and Strategy for the Georgia branch of GKIC, a global Entrepreneurship & Marketing company.
Tags :
