We’ve mentioned it before: home inspections can reveal deal breakers on a home closing.
More likely though, the home inspection will include some repairs that neither the buyer or seller saw coming and now have to negotiate on how to handle. Since both parties may be feeling a little anxious at this point we think it’s best to keep these tips in mind.
Tip #1: don’t panic
The first reaction of either the buyer or seller is often an overreaction. It’s normal. Let’s face it – everyone wants the home inspection to be through yet not find any true issues. When smaller repairs are identified via the home inspection buyers and sellers often find themselves in opposite corners. Buyer think the home should be up to their standard for moving in, but sellers aren’t interested in putting more money into a home they are leaving. Both parties are entitled to their stances but a calm negotiation can solve more than an emotional reaction at this point.
Tip 2: negotiate
The truth is the inspection report is simply there to note issues with the property. No one party is responsible for fixing anything. However, both buyers and sellers have a vested interest in reaching closing at this point. Compromise is inherently part of any negotiation but it’s still good to remember that. If a seller refuses to make repairs, perhaps they will cover closing costs or give credit at closing.
Tip 3: remember the market
Naturally the negotiating power changes with the market. In other words, since it’s a sellers’ market in Nashville right now, sellers may not be inclined to make any repairs. Then again, if the process is already this far along the seller may be willing to negotiate rather than starting all over again. Home buyers today have to decide what they are willing to risk losing a house over vs. what they are willing to accept in an inspection report.
There are no hard and fast rules regarding the home inspection repairs suggested. It’s best to work with an experienced real estate agent to answer questions and guide you through the negotiation process. This is one area where working with a professional will make a difference.
Want help going through this process, either as the buyer or seller? Call DeSelms Real Estate today at 615.550.5565 and let our experienced team answer your questions!