Home buyers and sellers often know they will need a home inspection in Tampa. But what happens after the home inspection is complete? A review of your home inspection report with your real estate agent is always a good first step. The report findings will determine if you are ready to buy or sell or if the home requires work. A buyer or seller will have different steps to follow.
A Seller’s Next Steps After a Home Inspection in Tampa
Your real estate agent can help you determine if any of the defects or problems discovered in the home inspection require repairs or other action. You can then decide to make them or adjust your asking price to allow the buyer to make the repairs. Knowing what the house needs before putting it on the market provides you valuable information on which to base strategic decisions.
A house already on the market having a home inspection in Tampa is usually done by the prospective buyer. The buyer’s agent may present a repair addendum containing items the buyer wishes you to repair or replace as part of the home purchase agreement. You then must decide to accept these requests, reject them or make a counter offer detailing what you are willing to repair.
You should make no changes to the home until a final agreement is reached between you and the buyer. Don’t waste any money or time before settling the matter and making an agreement. Other buyers may want other changes if this deal falls through.
A Buyer’s Next Steps After a Home Inspection in Tampa
A prospective buyer will have concerns from the opposite perspective. The report from a home inspection in Tampa could show needed repairs for defects or safety concerns. You will want to construct a repair addendum with your real estate agent to be submitted to the sellers for review. Be sure you do not include excessive demands or requests that could ruin the deal. Some of those types of requests can include:
- Cosmetic changes
- Renovations you plan to do yourself
- Nonstructural cracks in concrete
- Nonstructural cracks in drywall
- Repairs to external detached structures
- Landscaping not related to drainage problems
Some legitimate concerns that are commonly requested by prospective buyers can include:
- Electrical system defects or worn and dangerous components
- Plumbing leaks or problems with components, such as a leaky or loose toilet
- HVAC problems like damaged ductwork or inoperative components
- Structural defects, rot or broken framing support components
- Foundation problems, such as cracks or shifting
- Damage to roof coverings, flashings, chimneys or roof leaks
- Asbestos, lead-based paint, mold or water intrusion problems
The seller will then consider your requests and decide to accept them, reject them or offer a counter proposal. You can review their counter proposal and decide if you can live with what they offer to repair or any adjustments in the asking price, or both. Your real estate agent can usually offer sound advice in these situations to help negotiations go smoothly.
Next Steps for Both Parties
Both the buyer and seller will be ready to move ahead with the purchase process after agreeing on and completing any necessary repairs. Your real estate agent can arrange for a formal appraisal to determine the home’s current market value. This is a vital part of determining the final asking price for the home. Any new repairs or appliances will factor into the home’s overall value.
Contact Beryl Project Engineering today when you need a home inspection in Tampa. We work with buyers and sellers to help determine the physical shape and safety of a home before serious purchase negotiations can begin.