One of the rights you have when buying a home is the right to get a home inspection of the property. You do not have to utilize this right, but it is helpful to do so. If you get a home inspection, you can learn more about the property, and you can have the leverage to use for renegotiating the deal. If the inspection reveals issues with the home that the seller did not disclose, here are some options you have for handling this event.
Read the Report from the Inspector and Ask Questions
When you initially receive the report from the inspector, you should carefully read through it and ask questions if you need to. If you do not understand something or want more details about a specific problem, ask the inspector. He or she may be able to provide you with more information than what it states on the inspection form.
Get Further Inspections and Quotes for Repairs
From there, you may want to do two things. The first thing is to get further inspections completed. If there is a roof issue, hire a roofing contractor to give you a detailed report about the condition of the roof. If there is a water damage issue, hire a contractor with experience in water damage restoration services to provide you with a detailed report on the severity of the issues.
Next, ask the contractors for quotes for repairs. You should find out how much it will cost to repair the issues the inspector found in the home.
Renegotiate on the Issues or Void the Deal
After that, you can do one of two things. First, you can renegotiate on the house for the repairs. You can ask the seller to reduce the price of the home, or you can ask the seller to fix the problems. If you can come up with a fair arrangement that you are happy with, you can proceed with buying the home.
If you cannot come to a mutual agreement to remedy the issues found in the inspection, you can void the deal. Voiding the deal means that you no longer plan to buy the house, and you have the right to do this if you cannot reach an agreement.
You should never purchase a home without getting an inspection on the property. If you would like to learn more about what to expect from a home inspection, talk to an inspector or a real estate agent today.
When you are faced with a down market, there are a lot of things that can run through your mind as a homeowner. If you had to sell, would you be able to make your money back? What will you do if you have to sell your property at a loss? Do you think you are ready to buy a new home?
Although there are a lot of things that are important to think about, the fact of the matter is that understanding real estate challenges is instrumental to making money with your property. From moving forward with new ideas about real estate to working with the right professionals, it pays to read up on the market. Learn more today!