When buyers and sellers are negotiating a contract for a real estate purchase after a home inspection, a number of questions arise. It is important to negotiate who will finance repairs made to the home or what suitable arrangements can be made to remedy the situation.
Buying a new home
Unless you wanted to renovate and older home, you do not necessarily want your money going toward additional repairs when you buy a home. After a home inspection, you will need to negotiate with the seller to decide who will be responsible for paying the costs associated with necessary repairs, according to Bankrate.
Just as a seller must carefully consider looking into a company's home inspection services, you must be aware of what type of inspection you are getting and what the results mean. An "information only" inspection is intended to inform you only of the condition of the home. This type of agreement will benefit the seller more than it will benefit you.
When drawing up a contract or deciding to sign one regarding the repairs to a home, it is important to seek legal council or the advice of your real estate agent. Laws and codes vary between states and should be clearly understood by buyers and sellers.
The Fearless Homebuyer noted that it may be more difficult to get a seller to cover repairs if the house is a short sale or for sale from a bank. Typically, a more serious repair that emerged only after a home inspection, like a leaking roof, may be covered. Always ask and remember that you can back out of an offer if a seller refuses to make specific repairs or negotiate.
It is also very important to decide how necessary it is for certain repairs to be covered by the seller. You may be able to live with a tear in a window screen, but if the seller refuses to replace the roof, will you still be willing to follow through with the purchase? Make a list of the repairs and decide which ones you must have covered by a seller and which ones you would be willing to cover to move forward with the home purchase.
When you purchase a home, you should walk away from signing a contract feeling very good. Ensure you get a fair deal and know what sacrifices you are willing to make for the right house.