Now that the home inspection has come back, it is time to make some decisions. It is very rare that you get a report that has nothing wrong with it. This is even true with homes that were recently built.
As a seller, you might find three types of buyers.
There are some who don’t want anything to be fixed. They are willing to make the repairs on their own, after they have already bought the home.
There are some who only want some of the repairs done. They mainly want to make sure that the home is as safe as possible. They may also be stuck with their mortgage companies who require certain repairs to be done, in order to buy the home.
Then, you may find some buyers who want everything fixed. This is often unreasonable, and it may be easier to find another buyer.
So, what can you do? After you receive the report, it is time to renegotiate your contract. You can do the following:
Continue through the sale, while making all of the requested repairs.
The seller can also make no repairs. At this point, one or both parties may decide to void the contract and look elsewhere.
The seller may decrease the price, depending on the amount of repairs. If the house needs a new roof, which could cost up to five thousand dollars, the sellers may decrease the price by five thousand so that the buyers can have the extra money to make the repairs after they buy the home.
Whether you are a buyer or a seller, you should take your time to make the decision about what to do. You may not want to work with the buyer or seller instead of starting over. However, if there is enough work that needs to be done, it may be the best way to walk away.