10 Feb What are your options after the inspection as a buyer?

You are under contract on purchasing a home and just had an inspection, as a buyer what are your options?

1. A buyer can ask the seller to make the repairs.

The seller may agree to do all of them, some of them, or say no to all of them.

2. You can ask for a credit to be applied at closing to cover the cost of the repairs.

In order to figure out how much you need for the repairs, you and your agent should get estimates from contractors instead of just throwing out some random number. This way you can present a justified amount to the seller.

3. You can renegotiate the sales price

This is my least favorite over the previous two options as a buyer, in my opinion. The reason is that you will need cash to make the repairs and by reducing the sales price (unless you are paying in cash) does not benefit you in have that extra cash to cover those expenses. But everyone’s situation is different. That is why you have to weigh out what is going to work best for each individual.

4. You can back out of the contract

If you and the seller can’t come to an agreement or if the issues are just too extensive, you have the right to back out and get your earnest money back AS LONG AS, it’s still within the option period stated in the contract.

As a buyer, keep in mind that asking for repairs should be reasonable.  Chips in paint or small things that cost under $100 or things that you could easily do on your own, are usually best to leave off a repair request. The focus should be on any items that could be a health concern or safety issues. Examples are issues with the foundation, roof, HVAC, electrical, mold, and/or plumbing!

The best option will vary on the situation of the buyer and the seller. Having an agent that is knowledgable that can advise and negotiate on your behalf is extremely valuable.