What to Do After the Inspector Leaves
You’ve just had a home inspection, and now you’re ready to negotiate the deal. You’re probably wondering what to do after the inspector leaves. Well, don’t worry! This post covers all of your negotiation questions and gives great tips for getting the best deal possible. We’ll discuss why it’s essential that you negotiate after a home inspection. We’ll also discuss who should be present for negotiations and specific strategies for dealing with each party in question (the seller, real estate agent).
Trivia: Negotiation is a process of resolving conflicts by finding mutually acceptable solutions.
What is Negotiation?
Negotiations take many forms, from a straightforward money-for-goods exchange to the settlement of an argument.
No research supports the idea that negotiation skills are innate and cannot be taught. It all boils down to experience. Hiring a real estate agent adept at negotiation with hundreds of closings in the last ten years is ideal.
The primary goal in negotiating is to identify interests for both parties so they can reach an agreement on as many points as possible without sacrificing too much value while meeting all their interests.
The Art of Negotiation
What are some negotiation strategies after a home inspection? Here are five negotiating points:
- Accepting or rejecting the seller’s offer
- Negotiating repairs or replacements
- Providing seller with a release letter (i.e., if the seller has to fix an issue)
- Making an agreement on contingencies, such as an appraisal *Paying for the home inspection upfront **Note: this does not prevent you from negotiating and buying your dream home
Negotiating after a home inspection can be difficult, but it’s worth the effort. If you have any questions, feel free to contact us.
You deserve a beautiful new home that you’re happy with. We’ll help you find your dream home. But before you buy, let’s talk about the inspection report and what it means to your home-buying process.
Most buyers are not familiar with inspections or the kinds of things found in an inspection; they typically rely on their agent for expertise in this area. Your real estate professional should know what to look for in the inspection report and how it will impact your purchase decision.
It would help if you asked your agent about the details of the inspection report, any potential fixes or corrections that need to be made before buying, and what those things might cost. This is an excellent opportunity for you to partner with them to decide whether the home meets all of your needs and what you might need to do for the house to meet all of your needs.
The good news is that it’s never too late to negotiate for big-ticket fixes. Here are a few examples of such situations:
- The roof needs replacing and will cost $20,000. At this point in the process, it’s not too late to buy a new roof and get your financing lined up for that before you sign on the dotted line.
- The home needs $25,000 of work done to its foundation – but at this point, we can offer some solutions like waiting until after settlement or buying down their mortgage amount, or delaying the purchase for a while to save money.
- The home needs about $30,000 of work done to be up-to-code regarding handicap accessibility – but at this point, we could make some minor adjustments and then wait until after settlement when you might qualify for grants or financial assistance from the government programs that will help cover the cost.
As you can see, this is an excellent opportunity to collaborate with your real estate professional and work together on the negotiation process after the home inspection!
We hope that this information will help make your next real estate purchase experience an enjoyable one and reduce any potential buyer’s remorse. If you have questions or need advice about negotiating, feel free to contact us at (919) 232-9222.
Consider Hiring a Property Management Company
Property management companies are multifaceted in their approach to the sale and purchase of a property. A property manager often is a Jack (or Jackie) of all trades in the real estate industry. Property managers at Oak City Properties are familiar with every facet and role of the real estate industry, including home appraisal.
At Oak City Properties, we have been helping those in the Raleigh area purchase and sell homes for years! Whether you are a family trying to sell your home or a landlord wanting to downsize your rental portfolio, our full-service property management company is here to help.
If you are interested in learning more about our services or speak to our listing agents, give us a call at 919-232-9222 or contact us .
Want to read more? Take a look at the following blogs about property management services.