Your Home Inspection Reveals You Need Repairs, Now What?
Purchasing a home is an exciting time — especially when you find the property you want and make an offer. While it’s exciting, it can also be a bit nerve-racking. First, you have to settle on a price with the seller. Next on the to-do list: get an appraisal and await the home inspection.
With many homes, inspections are just a formality, and everything passes with flying colors. However, cases can occur where something hits a snag. If you’re in the last boat, you can still do a few things to salvage the deal.
Ask for the Fix
Getting that first checklist can seem excruciating, but even a large checklist may only amount to a few hundred dollars. Ask your inspector their thoughts on a rough estimate. From there, you can decide on whether to get a formal quote or not. If the checklist is minor, you may want to ask the seller to fix the issues and proceed with the deal. Typically, most sellers will compromise in this position.
Get Quotes and Counter
For larger repairs, you may want to consider countering your offer. While it’s up to the seller to accept a lower offer, you may also want to back up your counter with a few repair quotes. Having evidence in hand will at least let the seller know you’re serious. Additionally, it will bring their attention to an issue that needs to be corrected. The seller may still decide to fix the issue or accept your counter and let you handle the problem.
It’s sad, but it does happen. Real estate deals can go south fairly quick over home inspections. However, if repairs are major and the seller won’t budge on the price, you may be better off walking away from the deal. Keep in mind that buying a home with a major issue is always risky. While it may be your dream home, sometimes a deal isn’t exactly what it seems. Work with your agent to find another home with fewer problems that you’ll love just as much.
It’s also worth a mention that many lenders won’t allow you to make a purchase until all items on your home inspection are repaired and are in working order. So, while it seems like a hassle, you’ll need to take care of everything before you close.
For more on this subject read our recent blog “Sale Pending: What Does That Mean?”
Thinking of buying or selling a home in the La Jolla area? As consistent top producers in real estate, Linda Daniels and The Daniels Group are your La Jolla housing specialists. Our team of local experts will ensure that you have a successful real estate transaction. Call us today at (858) 361-5561 or email us anytime by clicking here.