Found Issues in Your Dream Home? Renegotiate with Confidence!
You found the home of your dreams and you make an offer and the seller accepts. Great!! Time to arrange your building inspection and timber pest inspection and now you have found a suitable and qualified firm for both inspections. The inspector provides a detailed report which has detailed some major defects that require attention.
Understanding Your Options
If the report highlights issues not disclosed by the seller, you can request a price reduction or renegotiation. Approach the seller calmly and reasonably, providing evidence from the report. Be prepared to negotiate and compromise, and consider seeking legal advice to understand your options and rights.
Getting an Estimate for Repairs
Ask your inspector for an estimate of repair costs or contact contractors for quotes. This will help you renegotiate the price based on accurate estimates and make informed decisions. Keep in mind that repair costs may vary depending on the extent of damage and quality of materials. It’s essential to consider multiple quotes from qualified professionals to get a comprehensive understanding of the repairs needed.
Negotiating with the Seller
Provide the inspection report and estimates to the seller or their conveyancer/solicitor. Be clear and concise in your communication, and be open to negotiation. If the seller is unwilling to discount the price, consider alternative solutions, such as requesting they complete repairs before closing or negotiating a seller credit at closing. Be flexible and willing to compromise to reach a mutually beneficial agreement.
A detailed property report that includes an estimate of the repair cost will be useful when negotiating the price of the property that you want to buy.
What if the Seller Refuses?
If the seller refuses to discount, consider requesting they complete repairs before closing or negotiating a seller credit at closing. Assess if the property is overpriced considering repairs, and be willing to walk away from the purchase if negotiations don’t meet your goals. Remember that negotiations are a two-way street, and it may be necessary to make some concessions to reach an agreement that satisfies both parties.
Additional Tips
Remember to stay patient, professional, and flexible throughout the negotiation process. Don’t be afraid to seek guidance from professionals if necessary. The right home will come along, and with the right approach, you can negotiate a fair price that works for you.
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