BUYERS: How to Negotiate Repairs After a Home Inspection
Posted On: Jun 16, 2017
A home inspection has uncovered some issues in the home you are considering for purchase. Who is responsible to address those repairs? You, the buyer? Or the seller? Keep reading to understand how to better negotiate the necessary repairs that may be unearthed during a home inspection.
Pick your battles
When faced with a list of necessary repairs after your home inspection, try to concede on smaller, less-costly issues. Focus on repairs that will benefit you in the long run. Consider what is most important, and offer to waive the minor repairs.
Not so fast….
Although you want to be reasonable, don’t go overboard and immediately accept the existence of ALL minor issues. If paint is peeling, walls are damaged, or the faucets leak, acquire estimates to mitigate the issues and present them to the seller. You know you’ll still take the house with a dripping sink, but the seller doesn’t. An agent will sense uneasiness and relay it to the seller, likely giving you bargaining power in the future.
Credit where credit is due
When an inspection uncovers a costly issue, it’s often better to ask for a credit at closing equal to the estimated cost of the repair. Otherwise, you run the risk of a seller getting the repairs done on the cheap, sacrificing quality – and possibly your closing date – along the way. With a credit, you are in control of the quality and the timing of the work. Be careful to get a fair estimate for the cost of the repair, and be prepared for the seller to further negotiate its quote.
Anticipate a negotiation after a home inspection. Do not give up your right to repairs in fear of losing the home if its price tag does not match the home’s present value. Address your needs to the seller and cut a sensible deal; that’s the key to negotiating!