Home owners are not mandated to fix issues identified in a home inspection. There is a negotiation process. In advance of reviewing inspection results, be aware that inspections commonly include issues and additional tips from the inspector on improvements that can be made to the home. Focus on the real issues and not the upgrades because it is not advisable to request upgrades. If that were the case, the price of the property would be greater. Advice on home inspection negotiations for Franklin TN and Middle Tennessee area properties can be found in this article.
Narrowing Down Defects to Discuss
Home buyers should go through the list of defects and identify what is fair to negotiate, keeping in mind some strategy. Asking for every single minor item can upset a seller and potentially harm the chances for agreement. If there are few significant concerns and many minor ones, it may be more effective to only ask the important ones. In cases where there is an extensive list of moderate defects, perhaps requesting the most critical ones will be smarter than submitting an overwhelming full list.
Results of Negotiations
Sellers then have the choice to either…
- Agree to complete all repairs prior to closing.
- Agree to address some of the repairs prior to closing.
- Offer to provide a credit to the buyer (via money for closing costs or a drop in price). The home buyer would then be tasked with the repairs.
- Be unwilling to do anything.
The negotiation process can go back and forth a few times until both buyer and seller are in agreement. In certain instances, common terms may not be attained at all. If both parties remain on civil terms, both could be more flexible during this process. Whereas if any one feels alienated, agreement may be impossible.
Advice On Home Inspection Negotiations
Negotiation strategies should be weighed with your real estate agent and should take into account the specific situation. Remember that inspection reports detail both issues and improvements and that trying to receive improvements is almost never successful. Inspections are not a way to renegotiate sale price but instead to resolve big problems that were not predictable. Understanding this process will lead to better outcomes.
The above advice on Home Inspection Negotiations was compiled by Blueprint Realty, Inc. Contact us at (615) 538-8328 or firstname.lastname@example.org for more tips on negotiating property inspections and other aspects of the home purchase process.