July 13, 2024


Mad about real estate

What Requires Negotiation after a Home Inspection?

     In the massive and complex world of real estate, there are important factors that a seller and buyer should undertake. A home inspection is one of the most vital factors to be prioritized. Before proceeding to buying a home, you should take this major step.

     A homeowner who wants his or her home to sell fast should get the home inspected before putting it up for sale in the market. There might be some areas and systems that are both defective and malfunctions. It is important to know what has to be repaired and replaced before putting a home up for sale. A home inspection will give you an opportunity to improve the value and quality of the property.

     A homebuyer should conduct and inspection to be able to have a fair and sound investment. He or she should be aware of the exact condition of a home before finalizing the transaction. This saves time, worries and money considering that you are aware of certain defects. You might be wondering what items have to be negotiated after an inspection. Below are some negotiable items:

1. The property price is the main negotiating concern after an inspection. As a buyer, you could request for an adjustment of the asking price in consensus to the inspection report. If a property has several defects, you can negotiate a fair and worth price with the seller. Homebuyers should assess the value of the property carefully with other properties in nearby areas.

2. As a buyer, you are have the right to ask for a solution to the following: issues on safety like radon or faulty circuit breakers, violation of building codes, problems on structures like broken floor beams, pests and termite problems and issues on liability such as broken pavement or underground oil tank.

3. You could negotiate with proper negotiations and remedies that the property needs. Giving enough options to a seller will likely increase the chance for your request to be granted.

4. Other things that need negotiating are big-ticket items that are nearing the end of its engineered life. An example may be a furnace that is still functioning but nearing its last breath and a twenty-year old roof that should be replaced soon. These are often the most difficult issues to be resolved and negotiated in home buying. There are sellers who might insist that it is not broken and needs no immediate attention. In the meantime, a buyer may not want to be stuck with big maintenance expenses after moving in a new home. It is important that a compromise should be agreed between the two parties. The easiest compromise is for a seller to offer a credit to offset a portion of the replacement cost of the major components later on. Both buyer and seller can negotiate the amount of credit.

     In general, buyers should limit the request for repairs to structural, safety, pests and liability issues. Items above these may be negotiated. An inspection serves to prevent buyers from buying a home with considerable problems that sellers may not know of. It should not be used to renegotiate the selling terms.