Photo: It takes knowledge to get to an agreement where both parties consider it fair.
Abstract: What is the inspection report’s influence on the offer and how best should it be applied?
Latent Defects vs Patent Defects
Information vs Action
Follow-up by Buyer vs Seller
As a buyer you have multiple options…
- Accept the deal as is.
- Back out of the deal.
- Ask the seller to make specific repairs.
- Negotiate a price reduction to cover the repair costs.
- Negotiate a holdback to be released after a specific date, only if the repairs have been completed.
From a seller’s perspective…
- You are under no obligation to fix anything.
- Acknowledge serious issues that were discovered during the inspection.
- Cut your price rather than fix anything major.
- Fix minor items to keep a good deal alive.