Aug 08, 2017 • Home Inspections, Inspection Services • By support
You’ve found the house that you want to buy. You have had your home inspection done. But the inspector comes back with bad news. What do you do now? Below are some tips that you can use for when you have a home inspection that gives you bad news.
1. Stay Calm
Become systematic and use the following steps so that you can make a resaonable and deliberate decision on whether you want to go ahead with the purchase or you want to change you rmind. You can have the realtor request that your objection period be extended so that some pressure is taken off while you’re getting more information.
2. Assess the Situation
Think about the amount of work you want to do after escrow closes and think about the inconvenience and cost.
3. Get Bids for the Work
You should get a minimum of three bids for the repairs that need to be done so that you can increase the amount of credibility you have with regards to seller renegotiations and for your personal information. If your best company’s bid on plumbing or wood repairs, get another price from a plumber or contractor. When you cut out a middle man it will help save money. Ask the inspector whether the repairs can be spread out or if they can be done by someone who is unlicensed. This can cut down on costs.
4. Approach Your Sellers
Through the realtor, approach your sellers and request that they pay a credit towards closing costs so some of your money is freed up for the repairs, in order to do some of the repairs or in order to lower the cost – this should be done in that exact order. Prioritize your strategies that are going to result in your repairs getting done, saving a reduction in cost for last.
5. Assess Once Again
After your renegotiation, assess if you’re happy with the property’s conditions with the purchase’s final terms, along with any repairs, price reduction, or credits that the seller agrees to. This is going to help you decide on whether you should buy the house.
These are the things that you can do to help you decide whether or not you should go ahead with the purchase. Most sellers are going to be reasonable to work with, but sometimes you can find someone who won’t budge. Then you may have to look elsewhere for your dream home.
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