Every residential buyer needs assistance with planning out negotiations for their new property investment. You require a home inspection to understand and analyze your new property better. Waiving of home inspection can lead you to extensive future repairs and additional investment in your property than expected.
So after receiving your home inspection report, the first thing you need to do is analyze the report thoroughly. List down all the critical defects noted in your property snagging report. Now that you have your list, start preparing for your property negotiations.
Here are some quality tips for negotiations after home inspections:
Reviewing the inspection report with your agent -
As you are new to home buying, if yes, then your real estate agent can help you list down the key points for negotiations from the inspection report. Some well-experienced agents will give you recommendations for repairs and concessions. Every agent understands the property they are selling you and can help you better plan your negotiations.
List down repairs according to the cost and severity:
Every home inspection reveals both severe and minor issues in your home. While planning your negotiation list, you need to prioritize the problems by considering the cost and severity of any issues encountered. Making two lists can be a great way to manage the repairs. First, make a list for negotiation with the seller, and then make the second list of repairs you can take care of later by yourself.
Let the minor issues slide out:
Minor issues like small wall cracks and chipped paints, and the buyer himself can resolve others. Sellers mostly refuse to acknowledge minor problems during negotiations. But if any significant problems are spotted, like structural issues or safety concerns, ensure to highlight them during negotiations.
Get the quotations from contractors:
Once you have the list of repairs for negotiation, you need to fix the cost of the repairs. Home inspectors cannot help you with planning estimates. Get an experienced contractor's help to get the exact repair cost. After discussing the quotations for your repairs with your contractor, please share them with the sellers.
If your requests are reasonable and relevant, the seller will accept to pay for the repairs. It is important to consider the seller's situation while planning the negotiations. If your demands are superficial, the seller will refuse to pay. Ask your property snagging inspector for advice when it comes to presenting your negotiations.
Place requests for concessions only for major items:
There are serious concerns like structural problems, foundational defects, severe roof damage, malfunctioning HVAC systems, or molds. Ask your seller to get the renovations done and the condition fixed before closing the deal. The other methods of closing the deals are direct cash or reducing your selling price.
Know when to walk away from the deal:
After discussing the negotiation agreement with the seller, if you do not conclude, there are times when the seller won't agree with your negotiation request. You can go ahead if you are still willing to close the deal. But it's suggested that you choose another choice than buying a lemon house.
As negotiations are accomplished after the home inspection report is received Making reasonable requests can help you close the deals. If the seller is still not agreeing, you can back out of the agreement. With professional home inspection services, you can smartly plan your negotiations. As a buyer, attend your home inspection so that you can note down the property defects yourself and get reasonable negotiations.
With GTA inspectors get an accurate snagging report of the property you plan to invest in.
Write something about yourself. No need to be fancy, just an overview.