Should We Back Out Of This Deal?
You found the home of your dreams, only to have a nightmare of a home inspection. Plumbing issues, a bum roof, or perhaps a foundation that is more compromised than Congress. Regardless on the defect, you are now at a crossroads. Should you stay or run away faster than an Olympic sprinter juiced up on Stanozolol? Let's examine what to do when faced with such a dilemma.
1) Carefully go over the home inspection report--The assumption here is that you paid for a professional inspection. "Uncle Earl" telling you the plumbing is bad won't cut it.
2) Make a list of items that MUST be addressed-- First time buyers often want every little item fixed. In most cases a seller will balk at such a laundry list. Focus solely on the issues that would keep you from purchasing the house.
3) Get a professional report for each defect-- The home inspector is a generalist who points out potential problems, sort of like the family doctor. From here we call in specialists who focus in on the problem area.
4) Provide the seller with a copy of all reports-- Some agents disagree with me, but I like to share the ENTIRE inspection report, and estimates from professionals with the seller. My clients have been far more successful negotiating repairs this way, than merely "asking for a new roof because this one is ugly".
5) Take the emotion out of the process-- Nobody takes a family portrait in front of a new septic system. But life without a functioning unit can take the joy out of country living. Block out the emotion, and focus on the needed repairs.
With proper documentation and a reasonable repair list, there is a high probability that buyer and seller can come together. After all, sellers want to sell and buyers want to buy. Who knows, perhaps that new septic system may become a source of family pride!
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