What to Remember When You Re-Negotiate After Home Inspection

Published: 17th February 2010
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Negotiating for the price a home you intend to purchase after home inspection can be a laborious task, but if you can do it correctly, re-negotiation can also be to your advantage. As soon as you have the home inspection report which is a look over of a property in regards with its sale, then you should determine the problems in which you think the seller needs to fix and those you think you can accept. The result of re-negotiating your terms will all depend on the skill that you have. A good negotiation will create positive result and will ensure that you will only pay for a fair price. It allows you to get a good deal in terms of pricing and the available facilities of the house.

Keep in mind that before you can re-negotiate, you will need to be able to know the exact condition of the house. This will let you know any applicable defects of the house you may point out during the re-negotiation. By doing your own home inspection, you can also save money and time if it is really the house for you.

The most concern when doing a negotiation is the price. Since you are a buyer, you also have the right to ask for an adjustment of the selling price based on the inspection report. A home having several flaws and glitch will let you ask for a price that you think is just worth the value. To better know about property value, you should assess and compare other properties in nearby locations.

You can also point out and demand a solution if you find problems with safety issues like violation of local building codes, nonworking circuit breakers, broken floor beams, termite problems, broken pavement, or underground oil tank liability issues. You can help your negotiation with these issues and offer possible solution and remedies that the house will need. Letting the seller to have a lot of options will also increase your chances for a good negotiation.

To be able to win over the negotiations, you will need to find items in or outside the house that will need a considerate amount of fixing and planning. A twenty year old roof for example, should need to be replaced by the next owner, or a furnace that is still functioning, but will soon be in need of fixing. Although, these big items are most of the time the most difficult to resolve since sellers do not want to always admit that their old roof needs replacing and their furnace needs fixing. The buyer on the other hand, do not want to live in a new home, where they are soon going to be trap with spending a lot of money for maintenance. It is important that both parties should resolve their differences by having a reasonable compromise.

Keep in mind that a home inspection should serve to prevent a buyer from buying a home that has a lot of problems that even the seller is not aware. A buyer should limit repair requests as much as possible.

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