Owning a rental property is a great way to develop your net worth and earn some extra income. It comes with a lot of responsibility and can be intimidating especially if it is your first time owning
How to Negotiate After the Home Inspection
Dated: December 20 2018
Most buyers, especially first-timers, don’t realize that after an offer has been signed, you still have to get through post-inspection negotiations. Every discussion needs to be handled with care and clarity in order for the transaction to smoothly move forward.
Deal-making and negotiations actually only start at the contract signing. Issues may arise after the home inspection and negotiation is a must for credits or fixes.
A qualified inspector
Find someone that has been in the business long enough to properly document everything. A thorough inspection can help you back up issues with pictures so you can properly use them to form a plan of negotiation. It is better to schedule the inspection as early as possible so you will have plenty of time to do follow-up visits if you need to. Better be safe than sorry.
After the inspection, identify the must-haves and the small stuff. Be reasonable and don't sweat the small stuff. Hand in the item that will make a big impact than to give everything to the seller then they will refuse to do any of them.
Ask for a credit for the work to be done
Sellers are moving out and are probably dreaming of their life post-sale already. The last thing they will do is repair the old home. By asking for the credit at closing to repair any deficiencies, you can make sure repairs are made by a qualified contractor and that they are done with satisfaction. Also, it is better if you can get contractors who can provide bids for the repairs so you and the seller will have the basis of the amount of credit that needs to be given at settlement.
Think of the big picture and keep it to yourself
If you are planning to renovate anything on the house, keep it to yourself. For instance, if you are planning to renovate the kitchen and there are faulty cabinets or leak in the faucet that needs fixing, the seller is going to be less likely to offer you
On the other hand, try to be reasonable in asking for anything as you may risk of losing out the contract and the seller may move on to the next seller.
The best thing is to get some help from a professional real estate agent who is knowledgeable enough to help you with any negotiation. Getting the best agent is one of the keys to a smoother and easier real estate transaction.
If you are looking to get
Vanna has called Alaska home for the past 15 years. As a mother, real estate investor and previous business owner, Vanna brings many different perspectives when working for her clients. She has been a....
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