3 Tips on How to Negotiate Repairs After a Home Inspection
When you sign a real estate contract, the counter offers have been made. So it’s easy to assume that the deal will go on auto-pilot until closing. But that’s not the reality. Often, the property inspection and seller’s disclosures may prompt the buyer to seek a credit. For example, the seller may disclose that the HVAC system had some issues, so the buyer asks the inspector to check it out. Here’s how to negotiate repairs after a home inspection.
1. Ask for a credit for the work to be done. The seller already has one foot out the door. The last thing he wants is some fix-it work to deal with. It’s practically not his home any longer, so he might not treat the work as a high priority, or may take cut-rate measures to get it done. A much better solution for everyone is for the buyer to take a cash-back credit at close of escrow. That way, you can spend the extra money and get the work done to your specifications.
2. Think ‘big picture.’ If you know you want to renovate a bathroom within a few years, then you really won’t care that a little bit of its floor is damaged, that there’s a leaky faucet, or the caulking needs redoing. During that future renovation, these things will get fixed. However, their repair costs are still up for negotiation. Ask the seller for a credit to fix these issues.
3. During the inspection, put on your ‘poker face.’ A good listing agent will go through the property inspection with you, your agent and the inspector. Revealing your comfort level with the home or your intentions, in the presence of the seller’s agent, could come back to haunt you in further discussions or negotiations.
4. It’s not over until it’s over. Prior to signing the real estate contract, your interest level, intentions and the contract negotiations are not set in stone. You might still be competing with other buyers. Once you’re in escrow and doing inspections, the dynamic can change. Then, it’s just you and the seller. But be aware that there will likely be more negotiations. Stay on your toes to avoid losing out on further negotiations.
