A bad home inspection can be discouraging. Knowing how to interpret information from the inspection and knowing what to do with that information can help you move forward with your real estate transaction.
Put The Report In Perspective
Nearly all older homes have problems. Home inspectors report issues they uncover regardless of whether or not they need immediate attention. Knowing which problems are livable and which problems are truly unacceptable can help you decide which path to take when proceeding with your real estate transaction.
Home buyers who attend the inspection as it is taking place can make sense of the report by talking personally to the home inspector. Asking questions like, Would you fix this problem if this was your house? and How would you go about fixing this?, can help you gauge the severity of the problem. In some cases, talking to the inspector during the inspection may help you see that the issues raised in the report are nothing to worry about.
In general, the worst problems are those that occur in major critical systems of the home. Problems with the roof, sewer and foundation are often the most expensive and most difficult to ignore. Other expensive problems to fix may include mold, water damage and leaks. If your home inspector turns up any one of these issues, consider renegotiating the deal on your home.
Investigate the Problems
Once you’ve been given a bad report from a home inspector, the next steps are to investigate the findings and get quotes for repairs. Contact several reputable contractors in your area to have them take a look at the problems with the house. When the contractors come to the house, ask them what they will do to fix the issue and how long it will take. Get quotes from as many contractors as possible so you can develop a rough idea of how much must be spent on each repair.
Decide Whether or Not to Move Forward With the Purchase
Once you know the extent of the problem and approximately how much it will cost to fix it, then you must decide whether or not you still want to move forward with the purchase of the house. In some cases, a bad home inspection may convince home buyers to cancel the purchase and move on to another property. This sometimes happens when the problems with the house are extensive and the home seller is unwilling to negotiate. If you decide that you’d like to continue with the purchase, you’ll have multiple options:
Renegotiate the price of the house : Your real estate agent can help you decide, based on the problems with the property, what the new price of the home should be.
Request repairs to be made: Sometimes home sellers are willing to make repairs to the property. Home buyers who wish for the property to be repaired before the purchase is made can negotiate these terms through their real estate professional.
Work With Your Real Estate Agent
Regardless of whether you would like the home seller to make repairs or lower the price of the house, working with your real estate professional is important for ensuring successful negotiation with the home seller. To find out more about how to proceed after getting a bad home inspection, contact your real estate professional today.
Article written by Preston Guyton. Preston is the managing partner of CRG Companies, Inc., a custom home design, construction and real estate firm with three locations along the Grand Strand. They offer eco-friendly home-building solutions, design services and agents to help with the home buying and selling process.