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Negotiations after a Home Inspection Has Been Concluded is Always a Good Idea

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By : marco benavides    99 or more times read
Do you really know the condition of the home you are about to buy? It might look really good superficially, but just how good is it? Does the home have major repairs that need to be taken care of as soon as you move in? These are all questions that you will need answered before you conclude the purchase of the home.

This is where a home inspection, which is absolutely necessary if the house is older or has had several owners, comes in. During the home inspection, the inspector will examine the condition of the building and the mechanical systems within, as well as other conditions which may affect the building (such as drainage) and then provide a written report. The report should contain an estimate of the cost of the repairs that the house is going to need. If it does not, then you, as a buyer, must get estimates of the cost of repairs so that you can bring them to the table when the time comes to negotiate over the home inspection.

There are practice standards for home inspection professionals. If you receive a report that has a checklist or inventory with checks or Xs or okay and not okay written next to the checklist or inventory, then the report does not meet the standards of the profession and it is not enough for you to bring to the negotiating table. The findings of the inspection must be provided in writing and it should clearly sate important safety findings and any other deficiencies. Whatever report you receive should be thorough in nature, clearly explained and detailed.

As a buyer, you should go along with the inspector during the home inspection and do let your real estate agent and the seller know how long you expect to be at the property, usually 3 to 4 hours. As a buyer, you should also know that the home inspector is ethically and in some cases lawfully forbidden from passing along the report to any third party without getting authorization from the inspection client. On the other hand, if there are issues which present serious and imminent danger to any occupants of the building detected by the inspector, then the parties should be advised of the danger immediately.

Once you have the report, you should make the best use of it possible. As a buyer, you will have collected all the information necessary, including repair estimates, and you can then proceed to speak to the seller and begin negotiating the price of the home once again if the home inspector has found major flaws with the home that will require immediate and costly repairs. If the seller does not want to negotiate the home, then you will have to ask for the problems to be resolved before you buy the house. You have to be sure to make final purchase of the home conditioned upon the results of the home inspection. Therefore, the contract should include some sort of conditional clause regarding inspection results. This will protect you, as a buyer, from getting stuck with the ultimate real estate clunker, a money pit!
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