You searched for months. You found the house of your dreams in a great neighborhood. You put in an offer, waited, and then were overjoyed when it was accepted.
Then you had the home inspection done. It came back with a few issues you could not see when you walked through the home initially. Now what?
First and foremost, remember that most inspections are going to turn up something. Few homes are perfect, no matter how new or old they are. This doesn’t mean you should or should not buy the house, but it may be time to consider your offer. You have four options.
- Don’t do anything. You made the offer and you stand by it. Buy the home and address the issues once you own it.
- Ask the seller if he or she would be willing to make the repairs. Maybe the roof is leaking. Your offer assumed no major repairs. You’re still willing to make that offer if the roof is fixed.
- Renegotiate. You know that you’re going to have to fix that roof. You get a quote and it will cost $5,000 to do the work. You may want to drop your offer by $5,000 and explain that you’ll need the money to make the repairs.
- Cancel the deal. You can legally walk away from the purchase as long as the offer was contingent on the inspection. You’re not obligated to buy if the inspection isn’t up to your standards.
It’s important to know all of your rights and options as you move through this process. A home is a big purchase. Make sure you give it the time it deserves.
Source: Structure Tech, “Negotiations after the inspection, part 1: options for the buyer,” Reuben Saltzman, accessed Jan. 11, 2018