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After the home inspection

Posted by Rona Fischman  June 29, 2009 03:16 PM
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Sam Schneiderman, Broker-owner of Greater Boston Home Team continues his Monday series.


The time after the home inspection is a critical time during a transaction. Buyers are often overwhelmed by the inspection and sellers are nervously waiting to hear if their property “passed” inspection.

Since there are many systems and components, a home rarely “passes” an inspection. In older homes, defective windows, improperly installed insulation, roof venting, plumbing or electrical issues are common. New construction issues often include defective door and window installations, defective plumbing and electrical components or installation, and poor finish work.

Presumably, an inspection is for the buyer to assure himself that he is getting what he was expecting when he made the offer. The challenge is that since most people don’t buy property often, they don’t always have realistic expectations about what they should get for their money or the age of the property. First time buyers that are buying older property have the biggest challenge because they don’t understand what constitutes normal wear and tear vs. what constitutes deferred maintenance or neglect. I’ve worked with many repeat clients that expressed concerns about certain “defective” items on their first purchase and didn’t even raise an eyebrow about the same item when they moved up to their next property years later (i.e. leaky faucets and routine maintenance items like exterior paint).

Since there are no guidelines about what should happen after an inspection, many buyers push for unrealistic price reductions or credits, others attempt to get the seller to make the property like new for them, and others don’t ask for all that they could get.

The seller’s response to a buyer’s inspection concerns usually depends on how reasonable the seller feels the requests are for the agreed price. Buyers that focus on getting the seller to deliver a safe, water tight home with functional systems displaying reasonable wear and tear for the age of the property usually get the best results.

Perspective:
The time to negotiate a good purchase price is before the offer is signed, not after inspection.

Buyers should not worry about asking for reasonable repairs or concessions. If an offer is properly written and the buyer adheres to the deadlines in it, the seller should not be able to unilaterally cancel the sale.

Most sellers are open to realistic requests but become annoyed with attempts to renegotiate the price after inspection without good reasons. If sellers sense this is happening, buyers may get less than they would have with realistic requests.

What do you think?
Buyers, sellers, agents and attorneys, where is the line between reasonable and unrealistic?

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.
Rona Fischman is a buyer's agent who provides a look at the local housing scene, from basements to attics.
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