Many Buyers forget that the price isn’t the only or the last negotiation point in a real estate purchase. There are a number of processes that happen before closing, and one that frequently causes a Buyer to terminate the contract is what occurs during the inspection and repair negotiation process.
Inspections in a real estate transaction encompass many property aspects:
While your purchase may not require them all, and some may be combined and provided by a single inspector, it’s my job to help you to order the proper inspections, schedule them, and make sure that they’re completed on time. Failure to complete inspections and object to their results by deadline dates can result in the Buyer’s inability to exercise action that would greatly benefit them. I help to make certain that this doesn’t happen by having our reports ahead of the deadline.
Once an inspection is completed, there can be issues uncovered that we weren’t expecting and want to have addressed by the Seller. This is a second negotiation in the contract process. I go over inspection results with my Buyers and prepare documents that are required to request Seller action and corrections.
Being there for my Buyers to assist in these negotiations as, next to selling price, inspections and subsequent repairs are the number one reason for a Buyer to walk away. Sometimes creativity needs to be applied to keep your home purchase moving in a forward direction when the Seller balks at your repair or corrective action requests. I have done this hundreds of times and there isn't anything that usually surprises me. My understanding of inspection reports and typical repairs for a Seller to make on behalf of the Buyer provide the Buyer with realistic expectations of what can be requested of the Seller without offending them as well as keeping us moving in the direction of closing so that both parties are in agreement on repairs and understand their responsibilities. I make certain that repairs are completed by licensed individuals so that you know they were done correctly!
In some transactions the Seller refuses to do any corrective action and they force the Buyer to take it or leave it. Luckily I also maintain an extensive contractor list that can get jobs done at a price reasonable to the Buyer so that they don't miss out on purchasing the home. Often times we are able to get some concessions from the Seller towards the Buyer's closing costs so that the Buyer can oversee the repairs to their new home themselves after closing.
The key to keeping the process going with inspection problems is for me to be involved every step of the way, as it’s something I do dozens of times every year. I’ll make sure that every resource is employed to keep your home purchase on track and gain every possible concession from the Seller.