๐ ๐ ๐ Make It Work! Thatโs what I do!
๐๐๐ There are many options when a homebuyer orders a #homeinspection and it comes back with items to needing to be addressed.
Often, a buyer will list the inspection as a contingency on the contract when purchasing a home. This is an opportunity to check it out, see if there are any major issues or health | safety problems.
Here, I lay out 3 options that I have used in the past when items show up on the inspection report.
Option 1๏ธโฃ Accept โ the inspection report as it is presented. The report may list minor/minimal things on it or it may have nothing listed (rare). So, the buyer removes the inspection contingency and the home purchase rocks on.
Option 2๏ธโฃ Reject it and back out of the contract. Sometimes, the list will be so long and the repairs so extensive that it totally turns off the buyer. At that point, as long as it is a contingency and within the agreed time per the contract, the buyer can rightfully back out. Always, always discuss this with your REALTORยฎ๏ธ to figure out your options. This does not usually occur.
๐๐ผ๐๐ผ๐๐ผ๐๐ผ๐๐ผ๐๐ผ๐๐ผ๐๐ผBEST OPTION!๐๐ผ๐๐ผ๐๐ผ๐๐ผ๐๐ผ๐๐ผ๐๐ผ๐๐ผ
Option 3๏ธโฃ Multiple solutions that are negotiated between both parties. This is often what I suggest when the inspection report comes back with a list of repair items. Obviously, I would suggest that the buyer ask for safety, health, regular maintenance and repair issues be taken care of. Itโs possible that the homeowner was not aware of the repairs that needed to be done. 4 potential solutions: 1. Buyers ask for all items to be taken care of. 2. Buyers ask for no repairs but want either (and possibly both) a reduction ๐๐ผ๐๐ผ๐๐ผ ๐ฐ in the price of the home or for the sellers to pay ๐ด some or all of the buyerโs closing costs. 3. Buyers ask for some of the repairs AND a reduction in sales price and/or credit at closing for closing cost.
๐๐๐There are many options here to make the deal work
๐๐๐out and rock on to closing. The seller does have the
๐๐๐option to counter back, but thatโs a whole other
๐๐๐episode.
The whole process typically is workable. Itโs rare that I experience someone totally rejecting an inspection.
For more information or questions contact me at 251-709-4331.
Amy Cuny, Broker @ ARK Real Estate
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