After an arduous search, you’re finally ready to buy your prospective home—as long as it passes a home inspection. A home inspection in Orlando will let you know of the possible problems of your new home so that you don’t end up with costly problems in the future. You might be wondering though, what you have to do after your home inspection is completed.
Next Steps Once Your Home Inspection is Completed
After your home inspection is completed, it’s all about negotiating repairs and determining if you still want to buy the home.
Begin by reviewing the inspection report that your home inspector provides you. You’ll have a few pages that you can look through but start with the summary sheet that tells you the major problems. Look for the critical pieces that you absolutely need repaired and will not negotiate on.
Take the time to discuss your report with your real estate agent, who will submit an addendum to the seller’s agent to review anything that needs to be fixed. Just be aware that anything deemed unreasonable, like cosmetic changes, won’t be fixed.
Focus instead on more serious issues related to the electrical, plumbing, or heating system, along with any structural defects or health issues, like mold.
Repairs or Reduction
You’ve talked to your real estate agent to submit your request for repairs. Of course, you can also ask for a reduction in the selling price in lieu of repairs, but make sure that any request you make is reasonable.
At this stage, it’s a good idea to go through how much repairs will cost. This will help determine how much you might want the seller to lower their asking price.
It’s Up to the Seller
What happens next is really up to the seller. They can decide to make the repairs that you’ve requested, they can get quotes for those repair costs, they can choose to lower the asking price, or they can discontinue the sale.
As long as your requests are relatively reasonable, it’s likely that your seller will agree to make some repairs but not all.
Know that they aren’t obligated to make repairs, and that you might not want to lose your dream home for something that you can also fix at a reasonable price. This is the stage where most negotiations tend to fall through, after all.
Agree or Refuse
If your requests are within reason, your seller will likely agree to make the repairs. It does help not to come across as accusatory or demanding when you ask for repairs as well, since most sellers aren’t necessarily aware of these problems in the first place.
Getting the seller to agree to your repairs is great, but if they don’t, all you can do is determine if these repairs are a deal-breaker for you. If they are, you can exit your contract and the seller will continue trying to sell their property on the market.
If your sale has gone through and you’re ready to buy, this is where the home appraisal comes in. The appraisal will determine the value of your home and will give you an indication of the down payment you’ll need at closing.
As long as the appraisal is near the purchase price, you’ll be able to begin preparation for closing day.
You’ve gotten your home inspection like you’re advised to and are eagerly waiting for the next time of negotiating. It’s an anxious time waiting to see what the state of your dream home is in, but once you get your inspection report, it’s all about determining the type of repairs you need and whether you would like them to be fixed.
To help make the process smoother, you need to know what is a deal-breaker for yourself and what you’re willing to accept and compromise. No matter what, don’t be afraid to stand by your decision to go ahead with or exit the sale if you don’t feel ready to accept the terms.