After a price has been negotiated for a home and both parties have agreed to the terms and conditions of the sale, there's still work to be done. An independent property inspector will be dispatched to evaluate every aspect of the home. His assessment will be used by the purchaser and his lenders to ensure that the property is in decent condition. Once a property inspection has taken place, it's within the buyer's rights to try to renegotiate their offer. Does this Spark an idea?
Instructions
1. Compile the results of your home inspection. Make a list of all the problematic issues and decide which issues you want addressed before the purchase is finalized.
2. Discuss these issues with your real estate agent. Together, you can decide whether the homeowner should rectify these issues or if you should handle the repairs yourself and adjust your purchase offer to reflect those expenses.
3. Formulate a new offer for the house. Estimate how much it will cost you to make any repairs and deduct that amount from your offer. You may want to contact a contractor or construction expert to get a firm idea of how much these renovations will cost.
4. Formally enter your counter offer with the sellers. Allow them time to consider your offer and any concerns you may have about the condition of the property.
5. Refuse the seller's offer to address the house repairs on his own. It will be in the seller's interest to make repairs as quickly and cheaply as he can. That might not be in your best interest as a buyer.
6. Stay near your phone, as the seller's response could come quickly. It may be in her interest to renegotiate the sale as quickly as possible so she can close the deal and get her money.
Tags: make repairs, these issues, will cost, your offer
