What do you do next after discovering major issues in a home you’re considering buying?
Since the property still legally belongs to the seller, these are the three things you can do moving forward after a home inspection.
- Renegotiate
If the building doesn’t meet your expectations, you shouldn’t really have to pay the full price.
The solution to that is to negotiate the selling price. An example would be seeing a nearly 20 years old roof that needs replacing, which could prompt you to negotiate thousands of dollars off the total cost.
However, you have to ensure that you get an accurate estimate of the entire house and work coverage. For example, you might have taken off $20,000 from the total price, but you end up paying $30,000 to have it repaired. You’ll end up paying more than the negotiated price.
- Walk Away
If your real estate mentioned that your offer was dependent on the report, you could always choose to walk away from the sale.
If it is evident that the issues are too serious, you should know that it’s no longer worth negotiating. Don’t waste your time and just move on to the next home that fits your needs and budget.
- Buy It As-Is
An accurate home inspection is essential because you base your decision on it. If the home is worth its price, despite the issues, you can buy it as-is and be prepared to deal with the repairs that come along with it.
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