BOULDER – It is a common belief that real estate “deals” are negotiated at the signing of the contract. In many cases, the deal-making and negotiations only start at the contract signing. Negotiations still happen once a home inspection has taken place.
It is recommended that buyers take a credit at closing rather than having the seller make repairs. The sellers are on their way out and may not approach the work with the same priorities as a buyer might. Also, if buyers get a credit, there will be less back and forth to confirm the work has been completed to their satisfaction. The state of the market also plays a part in these negotiations. If it’s an aggressive seller’s market, the buyer’s negotiating clout is limited. In a buyer’s market, the buyer will have more room for negotiation.
Sellers may want to get a home inspection of their own before they put their house on the market. They can then make minor repairs before putting their home on the market. They can also give buyers a complete list of disclosures, which may be required as part of the contract. Buyers don’t like to be surprised. Even if the seller has a complete inspection, buyers should go ahead and schedule their own inspection.
Once you find a home inspector, make a point of doing a walk through of your future home with the inspector. Not only is it helpful to see first hand any problems the inspector uncovers, you get a detailed look at the mechanics of the house and all of its quirks, such as where the septic tank is or how to turn off the water. After the inspection, it’s up to buyers to decide what repairs, if any, they should ask the sellers to deal with.