Question: How Do You Negotiate Repairs After Inspection?

Your Options After a Home Inspection

  • Ask the seller to make the repairs themselves.
  • Ask for credits toward your closing costs.
  • Ask the seller to reduce the sales price to make up for the repairs.
  • Back out of the transaction (if you have an inspection contingency in place)
  • Move forward with the deal.

Does seller pay for repairs after inspection?

State laws, including seller disclosure laws, are the only instance where a seller is obligated to pay for repairs after a home inspection. For everything else, it’s up to the negotiations between the buyer and seller, and who pays for what depends on what is decided after the inspection report comes in.

What should I ask seller to fix after inspection?

Common seller repairs after home inspection

  1. Major electrical issues that are safety or code issues.
  2. Plumbing, drainage, sewer, septic, or water issues (or well water issues, if applicable)
  3. Mold or water damage.
  4. HVAC problems that affect home comfort.
  5. Leaking roofs or missing shingles.
  6. Termite and pest damage.

How do you negotiate for inspection?

When a home inspector finds defects during a home inspection, there are four choices for a buyer:

  • Renegotiate the price.
  • Cancel the purchase agreement.
  • Ask the seller to perform repairs.
  • Do nothing.
  • Known conditions = no negotiations.
  • Old = no negotiations.
  • Minor defects = no negotiations.

How long do buyers have to respond after inspection?

If no repairs are asked for within the 10-day period, you will be agreeing to buy the home as-is. Once you submit your request, you will wait for the Seller’s Response. The seller has five days to submit a response.

What happens if Seller fails to repairs?

In short, if an Amendment to the contract regarding repairs has been executed then it is part of the contract. If the Seller does not follow through with repairs on an Amendment to the contract in the timeline specified in the Amendment, then the Seller would be in Default.

How do sellers negotiate repairs?

Here are three buyer tips for negotiating repairs after a home inspection.

  1. Ask for a credit for the work to be done. The sellers are on their way out.
  2. Think ‘big picture’
  3. Keep your plans to yourself.
  4. Eyes wide open.

Can seller walk away after inspection?

Can the seller back out of the contract after the home inspection? The home inspection is a key time for sellers to back out of a sale, usually because buyers will ask for sellers to make repairs to the property or issue a “repair credit” to cover those costs, which can easily cancel the real estate contract.

Can buyer back out after inspection?

Most of the time, the purchase contract will allow you an “out” if, after completing your home inspection, you decide the house just isn’t right for you. So long as you notify the seller of your intent prior to the deadline and by the method specified in the contract, you should get your earnest money back in full.

How long do sellers have to respond to repair requests?

There is no set time frame for them to respond but 2-3 business days is standard. If both the buyers and sellers have not reached an agreement on the repair requests within ten business days of the seller signing the contract- then either party may cancel the contract and the buyer will get their earnest money back.

When should you walk away from your house?

6 Reasons to Walk Away From a Home Sale

  • The house appraises for less than what you’ve offered.
  • The home inspection reveals major problems.
  • The title search reveals unexpected claims.
  • The house will cost a fortune to insure.
  • The deed restrictions are way too onerous.
  • Work has been done without a permit.

What should I be worried about a home inspection?

Some of the major home inspection items worth addressing are:

  1. Termites or other wood destroying insects.
  2. Wildlife infestation like bats or squirrels in the attic.
  3. Major drainage or on going water problems.
  4. Mold problems.
  5. Elevated Radon levels above EPA suggested levels.
  6. Major electrical defects that cause safety issues.

Should you share inspection report with seller?

The inspector may not provide the report or even discuss the findings with the seller or listing agent unless the client were to provide written permission. The client is the one who paid for the inspection and signed the inspection agreement, so the inspector’s legal duty is to his client.

What happens when home inspection fails?

A home inspection is an integral part of the house-purchasing process. Buyers are able to withdraw their offer if they don’t like the findings. If the house inspector discovers a leak in the plumbing that resulted in mold growth, numerous purchasers might want to bail even if the seller fixed the issue.

Does the 10 day inspection period include weekends?

The inspection contingency is counted as follows: Day 1 = Thursday, Day 2 = Friday, Day 3 = Saturday, Day 4 = Sunday, Day 5 = Monday, Day 6 = Tuesday, Day 7 = Wednesday, Day 8 = Thursday, Day 9 = Friday, Day 10 = Saturday. The tenth and final day of the contingency period falls on a Saturday.

What is next step after home inspection?

The next step is getting your home appraised and inspected. If the home’s appraised value is less than the purchase price, you will need to either make a greater down payment or negotiate with the seller to lower the price. A lender won’t give you a loan for more than the appraised value.

Do sellers have to make repairs?

If the Seller Refuses

Even if your requests are reasonable, the sellers may still reject your addendum. In most cases, the sellers have no obligation to fix anything. It’s possible that the seller won’t make repairs after the inspection and refuse to offer credit.

Do I have to disclose a past problem with my house if it has been repaired?

Many sellers mistakenly believe that if you had a problem that was fixed and currently functioning you should not have to disclose. This is incorrect; if the question specifically asks about previous issues you must disclose even if the past issue was completely repaired and currently functioning.

How long are you responsible for a house after you sell it?

As a last resort, a homeowner may file a lawsuit against the seller within a limited amount of time, known as a statute of limitations. Statutes of limitations are typically two to 10 years after closing.