The following contribution is from another author.
If you’re going to buy a new house, you should have it inspected before you sign the papers. There are various home inspectors in the USA that you can hire. And if the home passes inspection, you can be certain you’re getting a safe, well-maintained property, and that you’re getting a good deal. But how will you handle the situation when it turns out there is a problem? Can you shut the deal? Is there any way to get out? What are your options? Don’t worry if you face such situations. Because in this article we are going to learn about things you can do. Do you know you can negotiate with the help of reports?
Negotiate with Repairs instead of price.
If the home inspection reports point out the damages and repairs needed, list out the ones that are important or are expensive. Use the list to negotiate with the owner and ask them to repair the required damages. If the owner doesn’t want to reduce the price of the house you can put forth this deal. This will be anyway beneficial to the buyer as we never know the extent of the cost of repairs. On the other hand, the buyer will have the advantage of putting off the deal or requesting repairs. If the owner agrees, the buyer will get a repaired work or he can always find a better home than the seller has to offer.
Negotiate the price instead of repairs.
This one can be a little tricky, as very few sellers will agree to lower their selling price. Alternatively, if they did, the profits would be for the seller because it is always convenient to lower the price and get away from the hassle and mess required for the repairs. Repairing can be time-consuming and expensive depending on the problem. So, it is obvious that the seller will offer a lower price.
This is also beneficial for the buyer as you can repair and renovate the repairs on your terms. Though it needs your time and attention, it is worth it to have a house with the alterations you would like. If the buyer asked the seller for the repairs and he agreed, the chances are he hasn’t put out his best.
Negotiate for repairs with credits.
If both the above options failed, there is always a third way which is the best of all. Repair credit is a perfect option for both parties ensuring no one is at loss. Repairs can add a lot of time and hassle to the sales process, which is why sellers refrain from making them. Also, buyers may be more inclined to repair the property on their own if they want to be sure that the work is done to their satisfaction.
Find an estimated cost required for clearing the damages or repairs and ask the seller to cut that cost from the price. These things can be handled best if you hire a local contractor in the area who understands the prices and range of these things. This will assist both parties in coming to an agreement and handling the negotiations.
Home inspection contingency
When you are making a purchase contract, you can include a clause regarding home inspections. If you do not like the results of the home inspection for any reason, you are allowed to back out of the deal.
You can cancel the home purchase if any of these clauses are included in your contract and you don’t want to get involved in any negotiations or repairs. As a result, you can receive your earnest money deposit back.
Great Post!