Sellers are not mandated to address issues discovered in a home inspection. It is a negotiation process. Before evaluating inspection reports, keep in mind that they ordinarily include both problems found in the property and additional recommendations from the inspector on upgrades that can be applied. Evaluate the issues and not the upgrades since it is unreasonable to ask a seller to upgrade a property. If upgraded, the seller would be able to sell for more than the current asking price. You will find tips on negotiating home inspections for MA real estate below.
Narrowing Down Repairs to Negotiate
Buyers should look through the list of problems and determine what they wish to negotiate, taking into account some strategy. Asking for every minor item may alienate a seller and diminish the chances for success. If there is a major repair and several minor ones, it may be better to request that only the major one be fixed. In instances where there is an extensive list of moderate issues, perhaps asking for the most expensive ones would be more successful than submitting an overwhelming long list. Buyers should detail a list in writing when submitting a request.
Potential Negotiation Results
Sellers then have the choice to either…
- Agree to address everything on your list prior to closing.
- Offer to address some of the defects prior to closing.
- Offer to credit the buyer (via a credit towards closing costs or a change in price) in exchange for the buyer fixing the items themselves after closing.
- Deny to do anything.
The negotiation process may go back and forth unlimited times until both buyer and seller accept the terms. In some cases, agreement may not be reached at all. If both parties remain on respectful terms, both could be more willing in the negotiation process. Whereas if one party feels taken advantage of, agreement may unlikely.
Tips on Negotiating Home Inspections For MA Real Estate
Neogotiation strategies should be evaluated with your real estate agent and should take into account the many aspects of the transaction. Keep in mind that inspection reports include both defects and general suggestions, and that trying to negotiate upgrades is almost never successful. Inspections are not an way to renegotiate price but rather to address serious issues that were not predictable. Respecting how the process works and the potential outcomes will hopefully lead to both parties treating each other with courtesy and respect,… resulting in positive outcomes. The above tips on negotiating home inspections for MA real estate was offered by Christopher Graves at Emery Federal Credit Union. Contact Christopher at 978-376-5389 or christopher.d.graves@gmail.com or for additional information on negotiating buyer inspections and other steps in the home buying process.
