How To Negotiate After A Home Inspection
The home you’re buying is scheduled to be inspected. When you get the inspection report, how do you know which problems the seller should fix and which ones to accept as is? Are there some rules or guidelines to determine how this works?
In most cases, a residential sale is contingent upon the buyers’ acceptance of the home inspector’s report. This means that you, as buyer, have a specified number of days to accept or decline the property in “as is” condition. If you decline acceptance, you have four basic choices:
1) Ask the sellers to make a few repairs;
2) Ask the sellers to make many repairs;
3) Ask the sellers to reduce the sales price;
4) Decline to purchase the property.
If you request repairs or a price adjustment, based upon the home inspection report, the sellers also have choices. They can:
1) Agree to all of your requests;
2) Agree to some of your requests;
3) Agree to none of your requests;
4) Decline to sell you the property.
The sellers’ only obligation is to address defects that are named in the purchase contact or required by state and local laws. If the contract specifies an “as is” sale, the sellers may refuse to make repairs of any kind or to adjust the price in any way. Lawful exceptions may include strapping water heaters for earthquake safety, providing smoke alarms at specified locations, or upgrading plumbing fixtures for water conservation. Aside from such requirements, completion of the sale hinges upon whatever is agreeable between you and the sellers.
