Friday, July 27, 2012

The Home Inspection - How Should a Buyer Respond?

All home buyers should have a home inspection done.

When a buyer receives the report from the property inspector (who is a completely neutral party) the response can go in several directions.

First of all an inspection report is only an assessment a property’s condition at one specific point in time.  The buyer's response to the report can go in several directions
  • request repairs be made, 
  • reduction in the contract price,
  • a combination of the first two, or
  • just cancel the contract.  The contract should always have an inspection contingency - even "as is" offers.
A quick word to sellers regarding inspections....  It does not hurt to ask for repairs based on an inspection contingency.

If a minor repair will close the deal, why not?  Of course this is a repair request - not a renegotiation of the contract.