This post is about what to do when issues come up during a home inspection.
Let's just say you're doing a home inspection and you find out that the house needs a new roof. We're going to start this example by using a big-ticket item. There are also smaller things that may come up in home inspections that I will address at a later time.
So you find out that the house needs a new roof and you think “Oh shoot, what are we going to do ? I really don't want to lose this house! ”
All is not lost. There are several ways to address major issues that come up in home inspections. All of which your buyers agent will give you both advice and guidance on. Once you have reached a decision on your strategy, they will draft up an addendum with the specific request.
See below for the various options that you can exercise as a buyer when big issues come up.
Ask the seller to repair the item prior to closing.
Ask the seller to reduce the purchase price according to the cost of the repair
Have your attorney set up an escrow account at closing for that specific repair. Please note that this can be one of the more complex options. I will go into more detail on this in another post.
There is also always the other option which is to terminate the contract using your option as the inspection contingency paragraph. If neither party can reach an agreement on the repair you can opt to terminate the contract and in Berkshire County get your deposits back. ( this varies state to state so check with your local realtor on this)
I want to add to all of these options that these are requests that you can make of the seller via your buyer's agent. It does not by any means mean that the seller will agree to your request. Everything is still in the negotiating time line. So you can ask the seller anything you want but it does not mean that they will necessarily be open to your request. It will all hinge on the motivation level of the seller at that time.
You may have heard the phrase “Ask for the moon and get the stars.”
We are currently in a sellers market in a particular price range . This means that often when a house goes under contract the seller has several backup offers and buyers. Note that this will affect their motivation to be open to inspection requests. This is unfortunately not ideal for the buyer. Just something that is good to know given the current market climate.
Hoping that you all found this post helpful. As always you can reach out to me with further questions concerns or ideas for future posts!
Tanya
“Change course, but don’t give up.”
― Roy T. Bennett, The Light in the Heart