Scary Home Inspection Report? It Doesn’t Have To Be A Deal Breaker
- September 26 2017
- Posted by: Adrian La Fosse
- Category: Uncategorized
It’s a toss-up whether the home inspection or the appraisal induces more nail-biting. Homebuyers, sellers and the agents involved await the results of both with a mixture of anticipation and fear. The latter, at least statistically, is unfounded.
She doesn’t mention the reason for the failures, although it’s a safe bet that not all of them were due to a nasty home inspection report. So, the chances are in your favor that your deal, regardless of the findings of the inspector, will sail through to closing. But, it may need your help. When faced with problems that the home inspector turns up, you, as the buyer, have several options.
“Nationally, [only] 3.9 percent of sales failed in 2016,” according to Forbes staff writer Samantha Sharf.
First, Choose Your BattlesUnderstand that there are some repairs, such as electrical, roof, the HVAC system and plumbing, that you can reasonably expect the seller to make. In fact, anything that presents a health and safety concern or that negatively impacts your use of the home is not only something that the lender may require, but that, should you walk away from the purchase, the next buyer will expect as well. It’s the little things, though, that bog down transactions, sometimes bringing them to a halt. If you really want the home, ignore the small stuff and fight for what actually matters. Items to ignore include anything of a cosmetic nature and problems that are inexpensive to remedy. Save your big guns for the major repairs. For instance,
Demand repairs to anything that presents a danger to health and safety, such as faulty wiring or mold.
You Have Options When Faced With An Ugly Home Inspection Report
Ask the seller to make the repairsWhen faced with major repair or replacement costs, many homebuyers ask the seller to make the repairs before the close of escrow. Often, sellers balk at the request, but once they’re reminded that the next potential buyer will most likely make the same request, they relent.
Ask the seller for a creditRather than ask the seller to make the repairs, ask that he or she credit you with the cost of the repairs at the close of escrow. This way, the seller avoids the hassle of having to hire a contractor and the inconvenience of home repair work happening while he’s trying to pack up for the move.
But, if the problem has to do with the roof and the required repairs are extensive, FHA may require that the work be done before the close of escrow.
Note that FHA will only allow the seller to credit the buyer 6 percent of the sales price.