The purpose of a home inspection is to discover major problems with the home that should be fixed before the sale. This will provide some protection to the buyer. Typically, issues will arise after the home inspection resulting in another round of negotiations.
As issues arise and negotiations continue, here are some things to keep in mind as a buyer and a seller.
Do Your Own Thorough Inspection
There will be an official inspection performed of course; but at some point, both the buyer and the seller should do a thorough walk-through of the property and make a list of any potential problems or concerns.
Sellers: Many homeowners are too comfortable in their environment to notice issues a potential buyer might easily see. Before selling your home, do a thorough inspection of your home. Be honest with your buyer by making them aware of potential issues so you can get a leg up on negotiations. It will really make a difference and prepare you with realistic expectations for the sale of your home.
Buyers: You will also need to make note of any potential repairs you see the property in need of. If there’s a leaky faucet in the bathroom but you’re planning on doing a bathroom remodel in the near future, be realistic and don’t sweat it! If you see something that does need attention right away, remember to ask for these issues to be fixed before closing on the home.
Asking For A Credit Instead Of Repairs
When it comes to buyers asking sellers for specific repairs to be made on a home before closing, there are two options. You can negotiate before closing that the seller make the repairs on the home OR you can ask for a credit from the seller on the purchase price of the home that can be used to make repairs as needed at a later date.
Asking for a credit instead of repairs can be beneficial for multiple reasons. As sellers are working towards leaving their home behind, the last thing they have time or concern for is repair work on their old home. They will also most likely not be as detail oriented as the buyer when making the repairs, having a “good enough for me” approach to the issue. On the other hand, buyers will want repairs made to a higher standard and in a timely manner. By offering or requesting a cash-back credit at the close of escrow, the money can be used to complete the project to the buyers standard and the seller can walk away stress-free knowing they took responsibility for the issue.
Gather All The Info You Can Before Closing
Remember to go into the escrow phase with eyes wide open. If the inspection comes back flawless there’s nothing further to negotiate. By pushing too hard for repairs, buyers may lose the sellers interest. Also, by being too stubborn about offering credits or making necessary repairs, sellers may struggle to find a willing buyer. There is a fine line with negotiations which is why you’re in good hands with Brad Jensen. He knows the Park City market like the back of his hand. He’ll let you know what to push for and when to hold back. You can count on his professionalism and dedication to his clients. Contact Jensen and Company for any Park City real estate needs you may have!