Options for Home Buyers When Defects Are Found During Inspection
When a home inspection uncovers defects during the home buying process, many home buyers find themselves at a crossroads. Do you accept the house as is, or do you take active steps to address the issues? This guide will walk you through the various options available and provide practical advice on how to handle the situation.
Understanding Your Rights and Options
Accepting defects or moving on are the two primary options after a home inspection reveals issues. Unlike a sellers' standards, buyers should not expect that the house will meet a higher standard than it is currently in. If you have strong opinions on the desired state of the home, you may have to be more pragmatic and accept the house as is, then make the necessary improvements yourself. However, it is not the seller's responsibility to make your dreams a reality. If you are overwhelmingly stubborn and are indifferent to the cost and time required, then you might just buy it and then fix it to suit your needs.
Contacting Professionals for Guidance
The best course of action is to seek guidance from your real estate agent and/or your real estate attorney. They can help you understand the legal and contractual implications of the situation. They will assist you in reviewing the documentation and creating a punch list for necessary repairs. Once you have a clear list of issues, they can guide you on the appropriate steps and actions to take.
Your real estate agent and/or real estate attorney will walk you through the process and advise you on your rights and responsibilities. If the seller is unwilling to address the defects, you have the right to walk away from the deal. Do not delay in making this decision. Every moment you delay amounts to tacitly agreeing with the current state, which can work against your interests.
Negotiating the Sales Price
One effective strategy for handling inspection defects is to negotiate the sales price. If you find significant issues during the inspection, you can use this new information to lower the sales price accordingly. This approach can help you offset the costs you anticipate in making the necessary repairs.
If you and the seller cannot agree on a mutually acceptable price, you might consider another strategy: requesting that the seller provide funds at closing so that you can pay for your own repairs. This can be a win-win scenario, as it can help you control the timing and approach of the repairs, ensuring that the work is done to your satisfaction.
What to Do Before and After Closing
If defects are discovered prior to closing, you can still use the new information to negotiate or even get out of the deal. The timing is crucial; the earlier you address the issues, the more negotiating power you have. However, if defects are not identified until after closing, the buyer becomes responsible for making the necessary repairs.
It is important to understand the timeline and the rights you have at each stage of the process. Seeking professional advice can help you make informed decisions that protect your interests and bring you closer to your dream home.