When you’re buying a new house you will need to get a home inspection carried out to make sure there are no nasty surprises. Most of the time, the home will get a clean bill of health with only some minor wear and tear. But what happens when that inspection reveals a problem? Here are a couple of tips on how to handle the situation if the results are less than ideal.
Generally, sellers may be willing to negotiate on major issues, such as a leaky roof or cracked foundation.
This is in their best interest as your lender may not approve your loan if the home has structural defects. However, sellers will be less likely to budge on superficial items that don’t impact the overall strength of the home.
In most cases, repair credits are a good option for both parties. Sellers are often hesitant to complete repairs because of the extra hassle and time it can add onto the process. Buyers may also prefer to handle the repairs themselves to ensure the project is done to their standard.
In order to negotiate for repairs or credits, start by getting an estimate from a contractor of what the works may cost. If you’re working with a real estate agent, they should handle the negotiation for you. Make sure they have a copy of the inspection report available to use as leverage
At Compass, we provide a pre-listing inspection before so your home is 80% more likely to NOT fall out of escrow because of an inspection related issue.
This report will identify any potential issues that will arise throughout the process and give you ample time to fix them or factor them into your price.
How Much VA Home Loan Can You Afford? Figuring it Out.
Using the VA loan to buy my own homes has given me the opportunity to provide my experience for you. I am NOT a licensed mortgage broker.
How to Apply for a Certificate of Eligibility on Ebenefits
Go to https://www.ebenefits.va.gov/ebenefits/homepage & Click Log in or Register on the top right portion of the page