Do not assume that home owners are required to fix all problems identified in a home inspection. Like every other aspect of the real estate process, there is negotiation. You should know beforehand that inspections normally include defects plus additional suggestions from the inspector for improvements that may be completed. Consider the problems rather than the upgrades since it is not acceptable to ask for upgrades. If upgraded, the price of the property would be greater. Advice on how to negotiate inspections for Franklin TN property purchases can be found in this article.
What to Negotiate
Buyers should consider the list of problems and determine what is necessary to negotiate, keeping in mind a practical approach. It is often best to pick your battles. If there are a couple of significant items and several smaller ones, it may be more effective to only request the important ones. In cases where there is a large amount of moderate problems, perhaps requesting the most expensive ones would be more successful than including an outrageous full list.
What Negotiations Can Lead To
Sellers then have the choice to either…
- Offer to address your list prior to closing.
- Agree to address some of the items prior to closing.
- Offer to compensate the buyer (via money for closing costs or a drop in price). The buyer is tasked with repairs.
- Refuse to do anything.
The negotiation process can continue unlimited times (within the inspection time period defined in the contract) until both parties come to an agreement. In some instances, common terms may not be achieved at all. If both parties continue on cordial terms, both may be more giving during negotiations. Whereas if any one feels alienated, agreement may be unlikely.
Advice On How To Negotiate Inspections For Franklin TN Property Purchases
Strategies should be considered with your real estate agent and should consider the many aspects of the sale. Remember that inspection results cover both issues and tips and that attempting to demand upgrades is unlikely to be successful. Inspections are not a reason to renegotiate price but instead to resolve big issues that were previously unknown. Understanding this process will result in positive outcomes. The above Advice On How To Negotiate Inspections For Franklin TN Property Purchases was provided by Jim Eaton at Blueprint Realty, Inc. Contact Jim for more tips on negotiating home inspections and other aspects of the home buying process.
For more information, contact Jim Eaton at Blueprint Realty, Inc. at Cell/Txt: (615) 519-5515 / Office: (615) 538-8328 or [email protected]