A frequently asked question is, “What if a seller refuses to make repairs?” Here’s what Zillow Advice users had to say: “I don’t think you can sue or make them do the repairs. The fact that these offend many buyers will cause the asking and/or negotiated price to drop; and this can often result in the buyer getting a great deal. Bill - 12 years ago . Having a good inspection is crucial for making sure you’re getting the best quality home you can afford. The BINSR was not designed as a tool to renegotiate a different purchase price although some parties agree to a credit at close of escrow in lieu of the repairs being completed by the Seller. Ask the sellers for a price reduction in line with any discrepancy between the appraised value and the purchase price. Great blog on the subject of Inspections! 5. Asking the seller for a credit to fix these issues will help offset some of your closing costs. Is a Real Estate Home Inspector Liable If He Misses a Major Problem? If the property inspection comes back flawless, there’s nothing to negotiate. A repair allowance won’t work. If you're looking to hold this property long term and have already budgeted to make the necessary repairs, I'd opt for the price reduction. Inspection requests are negotiable. The buyer's best options are to seek either a closing credit or a price reduction, as the seller has no incentive to do anything more than make the quickest and cheapest repairs possible. The last thing they want to do is repair work on their old home. Chances are you may do a better job than the seller, too. But, expect to have to negotiate on the amount of the price reduction. Very important to stay well informed when buying a home. For example, if homes with pools in the neighborhood have sold for $10,000 more than homes without, but all the other pools were gunite and yours is vinyl-lined, ask for a reduction based on the price difference between a gunite pool and a vinyl-lined pool. 1 Your job as a buyer is to figure out which issues warrant a repair request with the sellers, and which you’ll ask for cash for, handle yourself, or let slide altogether. If you attempt to negotiate anyway — to recoup what you lost in the initial contract negotiations — you risk alienating the sellers and possibly giving them an incentive to move on to the next buyer. In most contracts, you can walk away during the inspection period and get your deposit money back in full.” -Zillow Advice user sunnyview, November 09 2009 “You can walk away or take the house as-is. John L. Scott, Inc. Seattle Center Office 100 4th Ave. North, Ste. Do not have real estate agent. Writing Repair Amendments. Shopping for a home? © Copyright 2020 Hearst Communications, Inc. In … Even in more competitive real estate markets, negotiations still happen once in escrow. The link has now been fixed. Repair Escrows. Not sure how to handle that issue. Your real estate agent can use the list to create an inspection amendment to the sales contract. I then had a professional roofer come look at the roof and he says its in sad shape and I would be… Read more », The inspection didn’t mention hail damage, it did mention some bad repairs to ridge cap, .. we had money taken off sale to repair this ridge cap, but now shortly before closing we find there is substantail hail damage .. do we have an option now that contract is signed. Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow. Can a Real Estate Transaction Be Cancelled for Any Reason During the Inspection Period? I would like to add some points here like checking for home inspector’s certification, I read your blog and I must say that you’ve shared a very useful piece of information. At least that way you would not be leaving $5,000 on the table of a $10,000 seller credit where half of it was not usable. You don't necessarily have to ask for the full amount of the repairs, though. Absolutely not…i had an inspection done on a house I was buying, found out the heating furnace was not working and the unit was 17 years old, in addition to finding out the windows were not working…so no it is not unreasonable and leaves room for further negotiations. "Paragraph 2 is hereby further amended by deleting the number "Five Hundred … Complete the project yourself 20 years credit to $ 5,000 the majority of buyers and sellers believe the real transaction... Kitchen cabinets the buyer to shop around for estimates for helping us catch that,... 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