Act quickly when you find problems with a house under contract.
Once you've made an offer to purchase a home, the real work begins. If you are working with an experienced real estate agent, she has looked after your interests during the negotiations. This means she has clearly defined certain contingencies in the offer that, if not met, allow you to walk away from the deal. One of these contingencies is an inspections clause. Whole-house inspections, septic system and well inspections are some of the most common, but there are others, depending upon region and the type of property. If the results of the inspection show problems with the home, such as a malfunction in any of the main systems, termites, roof or foundation problems, you can either walk away from the deal or renegotiate for a lower price.
Instructions
1. Determine how much lower the price should be for the property. If there are repairs to be made, hire licensed contractors to inspect the items and give you a bid so that you know what you are looking at as far as price is concerned.
2. Have your agent write an addendum to the purchase agreement asking for the lower sales price. She will cite the inspection results and itemize, with costs to repair, all defective items or those that require replacement.
3. Place a time limit for a response from the sellers. Forty-eight hours is standard in some markets. If the sellers refuse to negotiate you must then decide whether or not to continue with the purchase.
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