Home owners are not required to address issues uncovered in a home inspection. Like every other aspect of the buying process, it requires negotiation. You should be aware beforehand that inspections commonly detail defects plus basic recommendations from the inspector on upgrades that may be completed. Consider the actual issues rather than the upgrades because it is not advisable to expect upgrades. If upgraded, the value of the property would be more. tips on inspection negotiations for MA real estate sales can be found in this article.
What to Negotiate
Home buyers should look through the list of problems and identify what is fair to negotiate, taking into account a reasonable strategy. Demanding every minor issue may alienate a seller and lower the likelihood for agreement. If there are a couple of significant issues and several smaller ones, it may be more effective to only ask the important ones. In cases where there is a large list of moderate repairs, perhaps asking for the more critical ones will be smarter than including an extremely extensive list.
What Negotiations Can Lead To
Sellers may choose to…
- Agree to fix everything prior to settlement.
- Agree to fix some of the requests before settlement.
- Offer to compensate the buyer (via a contribution for closing costs or a reduction in price). The home buyer becomes tasked with repairs.
- Be Unwilling to do anything.
The negotiation may continue many times until both parties come to an agreement. In some cases, common terms may not be achieved at all. If buyer and seller remain on respectful terms, both may be more flexible during the negotiation discussions. Whereas if one party feels taken advantage of, the purchase may not end up staying together.
Tips On Inspection Negotiations For MA Real Estate Sales
Strategies should be evaluated with your real estate broker and should reflect every aspect of the transaction. Remember that inspection reports include both issues and suggestions and that attempting to demand improvements is rarely successful. Inspections are not a time to renegotiate purchase price but instead to resolve serious issues that were previously unknown. Respecting this process will increase the potential of better outcomes. The above Tips On Inspection Negotiations For MA Real Estate Sales was provided by Peter DaMore at Law Offices of Peter T. DaMore Jr.. Contact Peter for more guidance on negotiating buyer inspections and other critical steps in the property buying process.