It is the belief of most of the would-be sellers and buyers that a real estate deal comes to an end with the signing of a contract.
In several instances, the negotiations and deal-making just begins only after the contract signing. In a few of the instances in competitive real estate market scenario, negotiation will be happening in escrow.
Problems typically begin only after the home inspection made and based on such issues, buyers may wish to go for a next round of discussion requesting for negotiations for fixes or credits.
Find below three tips which a buyer can make use of while negotiating repair costs after the home inspection.
Ask to give a credit for the repairs
As the seller will be in the process of packing and planning for their life after closing the deal and during their way out they will not be with the same conscientiousness to approach with the repair works pending in their old home.
As they may not even treat such works in a high priority, as a buyer, you can ask for cash-back credit during such close of escrow claiming to make use of the same to make changes by yourself.
Own a ‘big picture’ vision
If you understand while inspecting that bathroom requires a renovation in mere future, then it is recommended that you don’t much care regarding the slightly damaged floor or a leaky faucet or those tiles that requires caulking.
During your future renovation, you can easily fix those issues. Still, based upon which you can claim negotiations for credit from the seller that assist you to offset the few of your closing amounts.
Don’t reveal your plans
A good choice of the listing agent during the inspection will help you, the inspector and your agent in walking the property.
It is not recommended to reveal your interests or comfort zone with the property as it may come back as an issue to you while further negotiations or discussions.
If you inform the seller about your gut renovation of the cabinets in the kitchen, they will eagerly listen to it and less likely will be ready to provide you with a credit back for repairs in the kitchen. Hence, it is good to keep your future renovation plans of the home with yourself.
A word of caution
It is mandatory you being cautious during the entire transaction and never finish it off with the original contract with a mindset that later on after completing the home inspection, you will be able to or can negotiate the price in this competitive market trend.
In case while inspecting, there is no flawless in the home, there is no room for negotiation still you can attempt for negotiations if possible.
It is good that you go with your eyes wide open while getting into an escrow. Keep in mind, that until money changes from a buyer’s to seller’s hand and the sale deed is transferred, no real estate transaction has been a never completed deal.