Most homebuyers believe that the sale is finished after the contract is signed. At least to a great extent, the truth is that this is when the real negotiations start. And in very competitive markets, negotiations can continue throughout escrow.
All of this is especially true after the home inspection is returned when issues tend to arise centering on credits and fixes. Whenever this happens, Repair Pricer has options. What follows are three tips for buyers who want to negotiate repairs after a home inspection.
Ask for Credits on Work to be done
Regardless of the type of work that needs to be done, or how much it will cost to be complete, homebuyers in these situations have one thing working in their favor: sellers have post-sale fantasies flooding their heads. It’s for this reason that the last thing they want to be concerned with is anything that will fog their vision. As a result, sellers won’t be as conscientious about having repairs made, as will the buyer.
Be Willing to Negotiate
As was stated above, negotiating is part of a home sale. Above all, however, homeowners should try not to allow negotiations to kill a deal. For this reason, both sellers and buyers should be willing to talk. This is especially true in a tight market. After all, reselling a home after a buyer has backed out can be problematic.
Another reason that it is so important to negotiate is that, if a sale falls through and the buyers back out, everything found in the inspection must be revealed by the seller, which is not often a very good thing to have to do.
An excellent way to prevent a sale from going sour in the first place is to be aware of the most common things that inspectors find before a sale. Once these items are revealed, they should be addressed.
Keep Your Realtor on Your Side
It should go without saying, but frequently does, that your Realtor should be considered your best friend. That’s because, if they are good, they can be. A buyer must understand what a Realtor can and can’t do, then use them when and where they are most appropriate.
Keep this in mind: it’s important to know that, in many cases, a buyer won’t get the price they want for a home. Not only is this natural, but it’s also not the Realtor’s fault. The best way to approach this kind of situation is to understand that there is probably a better deal waiting for them.
In a strong seller’s market, it’s common that a home is sold “as-is.” That’s a fact of life. Regardless of what is agreed to, however, everybody involved in a sale should remember that they need to be reasonable in their expectations. In the long run, this will result in smiles all around when everyone gets to the closing table. Keeping an open mind during negotiations is most often the best sales strategy for both sellers and buyers.