What Happens After the Home Inspection? Can You Negotiate for Repairs?
You've found your dream home and had the home inspection done. But what happens next? Can you negotiate for repairs? In this blog post, we'll explore the steps that follow a home inspection and how you can negotiate for repairs to be made.
Understanding the Home Inspection Report
Once the home inspection is complete, you'll receive a detailed report outlining the condition of the property. This report will highlight any issues, from minor cosmetic flaws to significant structural problems.
Can You Negotiate for Repairs?
The short answer is yes, you can negotiate for repairs after the home inspection. Here's how:
- Review the Report: Go through the inspection report carefully to identify issues that need attention.
- Prioritize: Not all issues are equally important. Prioritize repairs that affect the home's safety or long-term value.
- Consult Your Agent: Discuss your findings and concerns with your real estate agent, who can guide you through the negotiation process.
- Be Prepared: Review the inspection report and be prepared for negotiations.
- Offer Concessions: If you're not willing to make repairs, you can offer other concessions like a price reduction or closing costs assistance. Keep in mind, only so much can be offered in concessions, depending on the loan type the buyer has.
The Negotiation Process
- Submit a Request: The buyer submits a formal request for repairs.
- Seller's Response: The seller can agree to all, some, or none of the requested repairs. Sellers may also consider offering a credit in lieu of repairs.
- Further Negotiation: If the seller refuses, further negotiation may be necessary, or the buyer can choose to walk away.
- Repairs Made: If the seller agrees, the repairs are made before the final walkthrough. Per our contract here in Jacksonville, FL - repairs shall be made within 10 days after acceptance of the repair request AND buyer's loan approval.
- Re-inspection: Some buyers opt for a re-inspection to ensure all agreed-upon repairs have been made. Should be done within 72 hours after repairs are made. It's best practice not to wait until the end (final walkthrough) to check repairs were done correctly.
Understanding what happens after a home inspection and knowing that you can negotiate for repairs puts you in a stronger position, whether you're a buyer or a seller. Being informed and prepared is key to a successful real estate transaction.