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After you have received your home inspection report, you will need to do the following: Read your home inspection report. Discuss your home inspection report with your agent. Prepare a repair addendum. Sellers response, negotiations, and counteroffers. Order Your home appraisal. Prepare for closing.
What is reasonable to ask for after home inspection?
You might consider asking for credit if you want to be in control and decide who does the repair work or if the repair is a complete deal-breaker. If you know the seller has moved far away, it might be better to ask for credit than try to have them arrange a contractor to come and perform repairs from a distance.
Can you negotiate price after home inspection?
You can realistically negotiate for anything after a home inspection, but getting the seller to agree to your terms is the real trick. You will need plenty of evidence such as pictures and repair estimates, as often a seller will actually be unaware of the defect in question.
Can you walk away after home inspection?
Can You Walk Away From a Home After an Inspection? The answer is yes! It is one of the most common times to walk away when a home is under contract. Buyers don’t always know what is inside the home or the parts that make up the home until the inspection is complete.
How do you counter after an inspection?
Here is how a homeowner can make a counteroffer after a home inspection reveals potential issues. Closely assess the home inspector’s report. Consider the associated costs of repair. Determine the state of the real estate market. Look at comparable properties. Communicate and collaborate with the buyer and their agent.
How do I ask seller to fix 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.
What are home inspectors not allowed to do?
A home inspector is not allowed to determine the presence of potentially hazardous materials such as lead-based paint, asbestos, radon, or mold without proper laboratory testing to justify their findings. Most home inspectors provide ancillary services for a fee over and above the standard home inspection.
What happens if seller won’t make repairs?
If the seller does not want to make the repairs, the deal is off and the buyer gets back the deposit. Alternatively, if the repairs are above a certain amount, the buyer can exercise the right to withdraw without penalty.
How do I ask seller to pay for repairs?
Instead of asking for a discount, you can simply ask the seller to pay for the repairs. This can either take the form of having the work done before you actually buy the house, or having the seller put the repair money into escrow so you can pay for the work after the sale goes through.
What are the biggest red flags in a home inspection?
We’re uncovering the eight most serious red flags to watch out for in your home inspection report. Significant Mold, Mildew or Moisture. An Outdated Electrical System. Poor Foundation. Old or Damaged Roof. Damaged Chimney. Water Damage. The Presence of Asbestos. The Presence of Termites.
What is a red flag on a home inspection?
Summary. A home inspection is meant to highlight potential issues that the property may have, whether they are visible or not. These assessments sometimes call attention to red flags, such as water damage, mold, and faulty electric and plumbing systems.
What are the most common home inspection problems?
The 10 most-common home inspection problems Problem #1: Rundown roofing. Asphalt shingle roofs last 15 to 20 years. Problem #2: Drainage issues. Problem #3: Faulty foundation. Problem #4: Plumbing problems. Problem #5: Pest infestations. Problem #6: Hidden mold. Problem #7: Failing heating systems. Problem#8: Electrical wiring.
Can you negotiate house price after offer accepted?
Once a buyer’s offer on a property is accepted by its seller, in estate agent speak, the property becomes “sold subject to contract”, which means that the price can still be negotiated. If you’re not bothered about possibly losing your buyer, you can walk away from the deal and put your house back on the market.
How long does a home inspection take?
It depends upon the size of the home and the number of rooms. An average inspection takes about 2-2½ hours (1-1½ hours for a condo). The time is well-spent considering there are more than 500 components in the average home.
Do buyers always ask for repairs?
“While buyers are always advised to have a home inspection so they know what they are buying, when there are a limited number of homes for sale and buyers need to compete for homes, they are more likely to waive their inspection right to ask a seller to make repairs,” says Lerner.
What should you not fix when selling a house?
Your Do-Not-Fix list Cosmetic flaws. Minor electrical issues. Driveway or walkway cracks. Grandfathered-in building code issues. Partial room upgrades. Removable items. Old appliances.
Can seller say no repairs?
Home sellers can accept all requests, deny all of them, or negotiate which to repair. This is when real estate agents help the transaction.
Should I share my inspection report with the seller?
Sharing the inspection can be effective in negotiations but should be agreed to by the buyer. One is to point out deficiencies in the property and support the buyer’s request for repairs. After all if your offer is not accepted the next offer will probably ask for the same repairs.
