Your home inspection is one of the most important events during the purchase process. When it reveals defects that affect the safety, structure, and value of the home (for example mold in the attic, a faulty furnace, a chimney that needs repairs) you're likely to feel anxious and uncertain.
Should you try to negotiate all of the proper repairs and move forward with your purchase? Does the home you're attempting to buy require more upkeep than you're willing to take on? Should you negotiate your release from the contract?
A competent buyer agent can help you answer these questions and determine what's next. The question is, where do you start?
Begin by gathering more information.
When you find yourself in this situation, it can be helpful to identify the exact repairs required and the cost to repair each significant defect. Your buyer agent can arrange for estimates from reputable contractors so you know the correct approach (and the approximate cost) for each repair.
With your due diligence complete, you'll have the information you need to negotiate your next steps.
You might choose to negotiate a cash credit at closing, a price reduction, repairs to be made by the seller, or a combination of all three of these remedies. Conversely, you might choose to negotiate your release from the contract. Either way, a professional buyer agent will help you navigate your home inspection contingency from beginning to end, and negotiate the resolution that's right for you.
There's more nuance to the home inspection process that is best covered with a conversation instead of a blog. Reach out if you'd like to learn more about the home buying and inspection process. It would be our pleasure to meet with you and answer all of your questions.
