An essential part of the home buying process, home inspections may turn up problems that deter people from purchasing or open their eyes to the condition of the property they intend to purchase. According to the New York Times, home inspectors thoroughly examine the internal systems and physical structures of homes. Typically, their evaluations include looking at the heating and cooling systems, electrical systems, plumbing systems, foundation, insulation, doors and windows, walls, ceiling and flooring.
At the end of the evaluation, the inspector will provide a detailed report of the home’s noted deficiencies. Home inspections may include details regarding the severity of each listed problem and offer repair estimates.
Based on the findings of home inspections, potential home buyers may seek to have sellers lower the price or make the necessary repairs at their own expense. According to Forbes.com, if buyers back out of the home purchase agreement after a home inspection and the property must get relisted, the problems unearthed during the evaluation must be disclosed. This may incentivize sellers to reach an agreement to allow the transaction to go through.
When entering negotiations for repairs based on home inspection findings, potential home buyers may benefit from obtaining repair estimates from several vendors. They may then use the average of these estimates to seek compensation for the items in the home that have outlasted their useful life or pose a possible safety risk. Asking for less credit, such as between 60% and 80% of the average repair estimate, may help potential home buyers negotiate a better agreement than if they go in asking for everything they can get or looking for upgrades.
