7 Ways To Negotiate Repairs After A Home Inspection
When you see a property that you envision calling home, it's mostly an emotional connection. Something is inviting about the property that momentarily obscures flaws. It's unlikely you're thinking about wiring or roof shingles. The home inspection is a necessary reality check. Here are seven approaches to repair negotiations often used by real estate companies in Long Beach.
1. Make a Priority List
The home inspector's job is to reveal any defects in the structure and major systems of the property. Given that no property is perfect, expect that defects will be found. Prioritize repairs that are most costly, integral to safety, or needed for structural integrity. Smaller items like those that require replacement in the distant future due to wear and tear may not be worth negotiating.
2. Obtain Cost Estimates
Armed with the inspection report and your priority list, contact local, qualified contractors for repair estimates. You can tap into referrals from real estate companies in Long Beach or perhaps your new neighbors. Due to a potential conflict of interest, the inspector may be unwilling or unable to recommend contractors.
3. Propose Shared Expenses
In some cases, it works out best when the buyer and seller share the expense of repairs. Based on experience, your Realtor can offer guidance on what makes sense for the seller to cover and what should be your responsibility. When you work with one of the prominent real estate companies in Long Beach, you will be well-represented in these negotiations.
4. Consider the Upside of a Credit Versus Repair
When the buyer and seller come to an agreement on covering repair costs, the next decision is who will arrange and oversee the work. Generally, both parties benefit when compensation is in the form of a credit at closing. The seller will likely be relieved not to have the responsibility for the work. As the buyer, you gain control of the results.
5. Accept "As-Is Condition" In Some Cases
Remember, the seller is under no legal obligation to remediate issues raised in the inspection report. But before you walk away from the deal, ask yourself if you can manage repairs on your own. If the issues are minor and you plan to live in the house for the long term, you can space out repairs over a period of time that fits your budget.
6. Maintain Amicable Communications
Buying and selling a home is more than a financial transaction. It is also personal. Keep your communications polite rather than demanding. Some sellers truly can't afford the cost of repairs, and a long list of buyer stipulations may not be well-received.
7. Understand the Seller's Perspective
Because home repairs are costly, it's understandable that homeowners put off minor repairs. When presented with your requests, sellers may not feel inclined to repair something for a buyer that they themselves were comfortable living with over the years. Try to see it from the seller's perspective.