Negotiating after the home inspection
After the inspection completed, the inspector will send the report to your agent.Don’t be alarmed when you first look at the report. Most buyers get nervous when they see pages and pages of items that need to be addressed. It is important that you meet your inspector at the residence while he is finishing up his inspection so that he/she can tell and show you what was found.
We recommend asking the inspector to break down the items into 1 of 3 categories: Major Issues, Minor Issues and Cosmetic Issues. Major issues typically are electrical, plumbing,foundation problems and roofing. Minor issues are items that can be resolved without much cost and it’s not a safety concern. Cosmetic issues are dents in walls, scratches in floors, marks on paint, etc.
You and your agent will determine what item (s), if any, that you want to be corrected. You should never be unreasonable in your requests for repairs, but don’t hesitate to point out genuine defects. As the buyer, you can either ask the seller to take care of the repairs, request a monetary credit toward closing, proceed with the sale as is, or walk away from the deal completely. All of this needs to happen BEFORE your Option Period expires (see your purchase contract).
Also, most purchase contracts state that the seller will provide the buyer with a home warranty program for the first year. This takes care of most minor issues that are found during the inspection.