Negotiating The Home Inspection Process

Dated: February 4 2020

Views: 313

By: Chris M Johnson - Your Property Man

Lexington, KY www.yourpropertyman.com

Many buyers forget that the price isn’t the only or the last negotiation point in a real estate purchase. There are a number of contingencies and processes that happen before closing, and one that frequently causes deals to evaporate is the inspection and repair negotiation process.

Inspections in a real estate deal encompass many property aspects:

  • Structure

  • Roof

  • Mechanical equipment

  • Plumbing

  • Electrical

  • Pests & insect infestation

  • Mold & other environmental hazards

  • Wells & water quality

  • Septic systems

While your deal may not require them all, and some may be combined and provided by a single inspector, it’s your realtor's job to help you to order the proper inspections, schedule them, and make sure that they’re completed on time. Failure to complete inspections and object to their results by deadline dates can result in the buyer’s inability to take any action based on the late results. Your realtor should make sure that this doesn’t happen!

Once an inspection is completed, there can be issues uncovered that you weren’t expecting and want to have addressed by the seller. This is a second negotiation in the contract process. Your realtor should go over inspection results with their buyers and prepare documents that are required to request seller action and corrections. Sellers do not normally have an obligation to undertake corrective action, so it becomes a critical negotiation, especially if the problems are significant.
Your realtor should be there to assist in these negotiations as, next to selling price, inspections and subsequent repairs are the biggest killers of real estate deals. Sometimes creativity needs to be applied to keep your home deal moving when the seller balks at your repair or corrective action requests. I maintain an extensive contractor list that can yield just the right contractor to get a job done at a price the seller will agree to.
The key to keeping a deal going with inspection problems is for your realtor to be involved every step of the way. It is our job to make sure that every resource is employed to keep your home purchase on track and gain every possible concession from the sellers.

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Chris Johnson

With over 3000 realtors (yes I said 3000!) in the Lexington Bluegrass Market Area, what makes me different than the rest? I can answer that question in 1 word: NINJA! According to ancient legend th....

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