A home inspection assesses a home’s condition at the inspection time. This can be a worrying time for many people involved in the transaction, but getting all the information you can from the inspector is important. Home inspectors can find issues with the house and give buyers valuable information about regular home maintenance. This is an educational process worth taking the time to go through.
It’s important to remember that you’re not obligated to buy a house just because you’ve had an inspection. If you’re not happy with the results of the inspection, there are a few things you can do:
1. Request Repairs
The most common way to deal with problems found during a home inspection is to ask the seller to make the repairs. You can also negotiate a plan for future maintenance. If the seller agrees, they can either make the repairs themselves or give you credit. The seller can also refuse your requests or negotiate a different credit. Home inspections are usually a second round of negotiations in a real estate transaction.
2. Renegotiate the Sale Price
If you’re not happy with the state of the property you’re buying, you can ask the seller to lower the sale price. This is usually the best option if you’re in a hurry or want to make the repairs yourself. Most sellers will want an estimate from a qualified contractor to determine how much discount they should give you.
3. Withdraw Your Offer
The homebuyer may use the inspection report to negotiate with the seller to fix the issues before closing on the property or lower the purchase price. In some cases, the homebuyer may decide to walk away from the deal entirely if the inspection report reveals too many problems with the property.
The home inspection contingency allows you to cancel the sale if you’re unhappy with the inspection results. You can back out of the sale without any financial consequences.
If you choose to cancel your purchase contract due to problems with the home, you may be able to get your earnest money back. This is money you put down to show you are serious about buying the home. However, it may be better to try to work something out with the seller instead of canceling the contract. For example, the seller could agree to make repairs or give you credit to use for repairs.
With everything settled, you might get the house at the cost you initially offered. The choice of backing out is generally saved for extreme situations where taking care of an issue is complicated, unjustified, or unprofitable.
4. Reassess the Severity of the Issues
If you’ve found that the house you want has some problems, don’t get too upset. First, take a step back and calm down. Then, you can assess the situation and see if the problems are workable. The inspector is looking for any potential problems with the house to protect themselves from liability. You should carefully read the report and research any issues raised to see if they are serious problems.
A few options are available if you find issues with a house after an inspection. You can work with the seller to try and negotiate a better price, walk away from the deal entirely, or continue with the purchase and hope for the best. Ultimately, the decision is up to you and what you feel comfortable with.
At Ally Property Inspections, we move with confidence. We specialize in reducing our client’s anxiety as they embark on a new chapter of their lives—buying or selling a home. Our highly trained professionals perform experienced and thorough home inspections in Birmingham, AL. We are dedicated to excellent inspection services one home at a time. Get in touch with us and let us know how we can help!