Sellers are not required to fix issues discovered in a property inspection. There is a process of negotiation. You should be aware beforehand that inspections normally detail issues plus additional tips by the inspector for improvements that can be made. Consider the issues rather than the improvements since it is unfair to demand upgrades. If that were done, the value of the home would be greater. tips on home inspection negotiations for Farmington Hills Michigan property purchases is provided below.
What to Negotiate
Buyers should look through the list of defects and identify which items are critical, keeping in mind a strategical approach. It is often best to pick your battles. If there are a couple of significant defects and several minor ones, it may be more effective to simply ask the major ones. In cases where there is an extensive amount of moderate problems, perhaps asking for the most expensive ones will be smarter than submitting an extremely full list.
What Can Result from Negotiations
Sellers have a few alternatives…
- Agree to repair everything on your list prior to closing.
- Agree to address a few of the items before closing.
- Offer to provide a credit to the buyer (via money towards closing costs or a reduction in price). The buyer becomes responsible for repairs.
- Refuse to do anything.
The negotiation may continue many times until both buyer and seller are in agreement. In certain circumstances, agreement may not be reached at all. If both parties remain on cordial terms, both can be more willing during the negotiation discussions. Whereas if any one feels taken advantage of, agreement may be unlikely.
Tips On Home Inspection Negotiations For Farmington Hills Michigan Property Purchases
Negotiation strategies should be discussed with your real estate agent and should consider the specific situation. Remember that inspection results detail both defects and recommendations and that attempting to negotiate improvements is rarely successful. Inspections should not be a way to renegotiate purchase price but rather to resolve big problems that were not disclosed. Respecting this process will lead to more desirable outcomes. The above Tips On Home Inspection Negotiations For Farmington Hills Michigan Property Purchases was prepared by Tom Gilliam at RE/MAX Classic. Contact Tom for more assistance on negotiating property inspections and other critical steps in the home purchase process.