Today, I’m going to cover some home inspection negotiation tips you can use as a Northern Virginia home buyer to achieve your goals in the inspection negotiation process.
After you complete your home inspection, your inspector will give you a report that outlines the present condition of virtually every system and appliance in the property you are purchasing. This report will detail which systems are in acceptable condition, and which are malfunctioning, or need attention. You’ll need to decide on a final list of repair requests that you would like the seller to make. This list of repair requests starts a new phase of negotiation between you and the seller.
Does a Seller Have to Fix Home Inspection Items?
The seller doesn’t have to fix everything on your list of home inspection repair requests. Ultimately, if there is no agreement on the items to be repaired, you need to decide if you want to accept the seller’s offered repairs and proceed with purchasing the home, or void the contract. The important thing to remember is that a seller can never void a contract because of a breakdown in home inspection repair negotiations – a buyer is the only one who has this option.
Home Inspection Negotiation Tips for a Buyer's Market
Since this is the case, what does this mean in terms of your negotiating power? Well, this depends a lot on the type of market we’re experiencing. If it’s a buyer’s market, where sellers are having a tough time selling their properties, you have more power because a seller is generally more motivated to make the deal work. You can feel confident asking for a lot of repairs, even minor ones, with the knowledge that a seller will probably do everything they can to accommodate many or all of your requests.
Need Help Negotiating Your Home Inspection? I can Help! Email me at DarrenRobertsonHomes@gmail.com!
Inspection Negotiation Tips When Buying a House in a Seller's Market
If it’s a seller’s market, and perhaps you’ve just narrowly beaten out competition among other buyers to purchase the property, a seller probably won’t feel like they need to grant a lot of your home inspection repair requests. This is because they know that if the deal falls apart, they can simply put their home back on the market and get another buyer very quickly. In very hot seller’s markets where there are often multiple offers on properties, it’s even common to see buyers waiving their right to a home inspection altogether.
Tips for Negotiating a Home Inspection in a Balanced Market
In a more balanced market, it’s generally a good idea to think about the home inspection repair process with an end goal in mind. What are the repair requests that are the most important to you in terms of the money and effort that would be required to get these repairs taken care of? Often, these are the most important items to include in your repair requests. Another suggestion is to put yourself in the shoes of the seller and decide whether your list of repair requests seems reasonable. The answer to this question will often come down to what kind of a deal you’re getting on the property with regard to the sales price. If the seller fees like they already gave you an amazing deal on the price, they might be less likely to agree to a long list of repair requests.
Home inspection negotiation strategies depend a lot on the kind of market we’re experiencing. Your real estate agent’s advisory role doesn’t end with price negotiations. They should be advising you on good negotiating strategies every step of the way, from contract to settlement.
Please read this post for more information on the home inspection process
If you’re thinking of buying a home in Northern Virginia, call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com, so I can go to work for you. I’m a skilled negotiator who will work hard to get you the best deal possible on your property.
Have you had any crazy home inspection negotiation experiences when you were buying or selling a home? I'd love to hear from you in the comments section below!