
After spending weeks, months, or even longer looking at Beavercreek homes for sale, you've finally found the perfect one. Congratulations!
Once your offer is accepted, the next step is to schedule a home inspection. While most inspections go off without a hitch, there are times when something unexpected pops up. If this happens to you, don't panic. Here's what you need to do next.
- Have the Right Mindset
Suddenly finding out there's a major problem with your dream home can make you feel like your dreams have been dashed. Do your best to stay calm and remember that a less-than-stellar home inspection is sometimes a blessing in disguise.
Most problems aren't actually deal-breakers, and they can give you some pretty powerful leverage when it comes to re-negotiating your contract. Approach the issue with a strategic mindset and focus on making one decision at a time.
- Review the Terms of Your Contract
Most home contracts include a clause that addresses how inspection problems will be handled. In many cases, the seller can either have the issue fixed or provide the buyer with the money needed to fix it themselves. You may also have the option to renegotiate the contract and/or walk away from the deal without losing your deposit.
In a strong seller's market, there might not be a lot of room for negotiation. However, the seller will need to disclose the issues to any future buyers. This could result in a lower initial offering price or a home that sits on the market for far longer than the seller wants to wait. With this knowledge in hand, you might be able to swing things in your favor.
- Gather Some Estimates
Asking for a few additional estimates will help ensure the price you've been quoted for repairs is realistic. It can also give you more credibility when you go into negotiations with the seller. If the problems aren't major, you might also want to find out whether you can hold off on the repairs or legally have them done by an unlicensed contractor. This can save you as much as 30 to 40 percent off initial cost estimates.
- Talk to Your Realtor
Buyers should never attempt to negotiate directly with the seller. Instead, leave this process in your realtor's hands. Our REALTORS® are pros at negotiating and know exactly how to put their clients in the best possible position.
In most cases, you'll want to ask for the repairs to be completed before the closing date. This cuts down on the number of things you'll have to deal with when you move in. If you prefer to take care of the repairs yourself or having the work done ahead of time isn't an option, you can ask for a credit that reduces the amount of cash you'll need to come up with on closing day.
- Decide Whether the Problem is a Deal-Breaker
Once your negotiation is complete, you'll need to assess whether you're satisfied with the outcome. This is the point where you'll have to decide if you're going to move forward with the deal.
No matter how the situation ends, you can have the peace of mind in knowing that you made a mature and rational decision based on all of the facts at hand. If it doesn't work out, it likely just wasn't meant to be. Re-focus your efforts, and your dream home will come to you in due time.
Experience the Benefits of Working With a Real Estate Pro
From help with searching for the perfect property, to negotiating your contract and closing the deal, there are many reasons why it makes sense to work with a qualified real estate professional. Let us show you how much easier the process can be with one of our REALTORS® by your side. Contact Wright-Patt Realty today to get started!