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Home Buyers: What's Next After Home Inspection

Eric Wei

Eric is a passionate and genuine individual who strongly believes that building and maintaining relationships is the absolute key to success...

Eric is a passionate and genuine individual who strongly believes that building and maintaining relationships is the absolute key to success...

Sep 14 4 minutes read



Home inspection contingencies can protect your best interests.


Eric:
So you just conducted your home inspection after having your offer accepted. Now what? Stay tuned for more.

Eric:
Many of the agents in our office have been talking a little bit about the market slow down that we've been saying. What does this mean for you as a buyer? There's actually a lot of opportunity now for you to have your offer accepted with a home inspection contingency. I've actually had three of my last offers accepted with the home inspection contingency.

Eric:
After you've conducted your home inspection, what is there to do now? In terms of the negotiation, when we're looking at a home inspection, it's really important for you to sit down and go through the specifics with your agents. And so what we want to do at this point is to take a look at the critical issues. The three main categories that I like to focus on are safety, integrity, and cost. And so when we're looking at these types of issues, it's important to know that these are things that you wouldn't necessarily see in the initial tour you've done at the property.

Eric:
What a home inspector's job is to do is to identify the unforeseen circumstances. And so things like chipped paint, a broken window seal. Those are things that you, as the buyer assume as your responsibility when you put an offer in. The things that the home inspector are looking for, things that you're not necessarily attuned to. So it's the job of us as the real estate agents to work with you to identify what's really important for you. What are those deal-breakers that are going to make you walk away from the property if we aren't able to come to some sort of a concession? Either a reduction in purchase price or cash back at closing so that you can go and address some of those items that are most important to you. We typically like to avoid asking the sellers to make repairs on their own because we never know if maybe it's just their uncle Bob that's got a shop in the back that's fixing these issues.

Eric:
So we want to make sure that it's a licensed professional and someone that's going to do good quality work. So it's best to see if we can get either a concession or a reduction in purchase price so that you can address that once we close. What's important also is to get quotes from contractors. Sometimes in the interest of time, it's not always possible to get a quote from a licensed professional. So Google can be our best friend there. You can get a top line review of what the costs are for many typical items that you might find at a home inspection. But at the end of the day, I as an agent, am working on your behalf. So if we aren't able to come to an agreement on the negotiations and the sellers are just unable to accept what it is that you're comfortable with as a home purchaser, then there's always the option to exercise our home contingency. And that gives you the opportunity to walk away from purchasing the home if you're completely not comfortable.

Eric:
Our job is to protect your best interests. And so do realize that with a home inspection, it's a very strong contingency. It's a protection that's put in place for you as the buyer to ensure that you're completely comfortable with the purchase that you're making. So we are here to support you in whatever way possible. I hope you found those tips helpful. Until next time, stay tuned and stay focused.

Eric:
Just shake it out here.

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