Occasionally, after the long process of searching and finding that home that fits your needs, the home inspection report uncovers several items in need of repair or correcting. Your offer was subject to receiving a satisfactory home inspection report, but what happens when the report reveals problems? This is where an experienced realtor that you trust is helpful. You don’t want to walk away from that near perfect home you found, but you do not want to get stuck with the extra after sale costs of correcting the problems. Every house deal is different , but usually the minor and less costly items to correct are easily sorted out. The seller should pay for and correct the routine maintenance and safety items. They still own and live in the home until the closing day. Home owners that ignore the dangers of faulty wiring, improper gas lines and connections , non operating fire and carbon monoxide detectors, leaking roofs that may lead to dangerous mould, improper water drainage and seepage, and outside deadly gases seeping into the home, put themselves at risk. I always advise all sellers to correct known potential problems before they market their homes. But if you are buying a home and one or all if theses problems are discovered, ask the seller to correct or to reduce the price for correction on the offer form. If the items that need to be repaired are already reflected in a low asking price, then your room for negotiating is minimal. If the negotiated house price is market value , the cost to correct should be addressed. If you cannot come to an agreement with the seller, walk away. If you discover a major concern that requires a large amount of money to correct, and if the seller is willing to reduce the price to partially cover the cost, consider the long term benefits you gain by paying the balance yourself, and still complete the deal. Good examples of long term benefits are upgraded insulation, heating and cooling equipment, and new roof shingles. If you use an experienced professional realtor, you should uncover minor and major problems long before you negotiate a price. Otherwise, a home inspector can identify and review the house for problems, and the report will give you the information to re-open the negotiations if the price you paid was too high.
If you have any questions or topics you would like addressed, please email me or call 519 383 2566.