Ideally, nobody would want to have to deal with a bad home inspection. It’s one of those things that you just want to get through and move on from so that you don’t have to hold up the process. However, as I’m sure many of us know from experience, the house buying process is not always simple or straightforward. If you do experience problems with the inspection, negotiating the situation and coming out with a good deal will be key. Here’s how to get it right.
Think Beyond the Minor Short-Term Problems
Before you enter the negotiations, you should think about what matters most to you. There are some things that are worth haggling and negotiating over, but that maybe doesn’t apply to every single little problem. What matters more to you, getting every tiny detail fixed before you buy or moving through the process quickly? You should pick your battles. For example, if you plan on ripping out the kitchen and replacing it, is there any point having repairs done on it now?
Keep Time and Quality in Mind
You should also think about who is going to be overseeing any changes that take place. If you negotiate with the seller to arrange and oversee the repairs, they might not care about the quality of the finish because this isn’t going to be there home for much longer. You also want to get things moving quickly, and that’s why it’s often best for you to oversee the changes.
Ask for Credit and Get the Work Done Yourself
Asking credit at the end of the process is a good way to speed up the process and still get the cash to cover the repairs of the problems thrown up by the inspection. This would all happen at the close of escrow. So if you feel like you want to be the one overseeing the work and ensuring it’s completed to a high standard, this is the way to go.
Don’t Shout About Your Plans if You Want to Negotiate Successfully
If you are about to enter negotiations with the seller regarding what happens next with the sale and the repairs, you need to retain your poker face. You don’t want to give away your future plans for the home because if they find out you’re planning on changing all the interiors anyway, they’ll probably less willing to give ground on the repair issues.
Appreciate the Human Emotions Involved
Having said all of that, you do need to remember that there are a lot of human emotions at play here, and negotiating such things can be stressful for everyone involved. Try to be fair, calm and sensitive to the feelings of others when you approach this. If everyone does that, it’ll be a much easier process.
If you get a report back after the inspection telling you that the home has considerable problems, you don’t just have to accept that and carry on. It’s your right to negotiate for either a lower price, repairs or credit for those repairs. It would be wrong of you not to take action and try to win in these negotiations.