Negotiation After Home Inspection

Published: 13th August 2009
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Negotiation after Home inspection

Negotiating a home deal is considered to be a very good skill to be armed with, for anybody who wants to invest in real estate. Negotiation is not that easy and has its own difficulties associated with it, but is worth it as it helps you save a few thousands of dollars, if done in the right way. Negotiations always happen at two different tables, one at the banker's table where you shall be negotiating a good mortgage deal and second at the seller's table, where you shall be negotiating the price.

Although an offer is always made by the prospective buyer as a pre-sales contract, this amount is not at all binding until and unless the buyer gets a fair chance to inspect the property of purchase. When it comes to negotiating the home price, the final negotiation always happens after the inspection is done. The inspection can throw up lots of surprises as far the condition of the house is concerned. Hence, the final price is always negotiated keeping in mind the actual condition of the house. A home inspector's report can also help you in finding out the structural situation of the property; hence it is a good idea to have a home inspector inspects the house before you sit down for negotiations. A good real estate agent can also help you in negotiations, as they are very well versed with the marker rates and prevalent trends.

After the inspection, it's up to buyers to decide what repairs, if any, they should ask the sellers to deal with. Significant problems, such as the roof, heat, electric or plumbing warrant a second look, and hence can be asked for rectification as part of the deal. In most cases, it is better to ask for more than what is actually required so that you have a margin to reduce the requests. This allows the seller also to feel happy about the deal. It always depends on how good your negotiation skills as to the repairs that the seller shall ultimately be ready to undertake as part of the deal.

A thorough research of the market can help you understand as to the exact rates that such properties warrant and hence help in negotiation of the rates. Also, convincing the seller that he might not want to lose a deal worth thousands of dollars over a few hundreds of dollars worth of repairs is a good idea, as most sellers accept that in such a real estate market, it is better to repair and sell rather than wait for the buyer to take care of it, as it might take some time to find a suitable buyer.

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