Home Inspection Problems.
Home Inspection Who Fixes the Problems?
Before a real estate purchase is complete, an inspection of the home is ordered and many times is required by the lender. In most cases, the buyer is the one who pays for the inspection. Even though, as of late more and more sellers are paying for the inspection to insure that their home sells quickly. With all of that in mind, the main question on the mind of buyers and sellers is who is responsible for fixing the problems that are found during a home inspection. If you are lucky, the inspection will show nothing wrong. But guess what? These cases are rare to say the least.
If the home inspection comes back bad, the buyer's agent will touch base with your agent. At this time, expect things to change a little bit. First off, if something major was found, the buyer may want out of the deal altogether. And if their contract states that this is legal, you may very well have to deal with this situation. If they do not decide to walk away, they may want to negotiate with you a bit more. This could include making repairs, or dropping the asking price of the home. As a seller, will you be willing to do either one of those? Some sellers are not interested in lowering their price even if the home inspection comes back with some issues.
In most cases, the person who fixes the problems is determined by negotiations between the buyer and seller. For instance, the buyer may decide to ask the seller to fix everything that came back wrong on the inspection. If they agree, they will take care of all this before the date of closing. But of course, the seller may want to negotiate as well. He may come back to the buyer and say that fixing some of the problems is fine, but all of them are not going to work. Generally speaking, this process is very similar to negotiating the selling price of the home.
If a deal goes bad after an inspection, keep in mind that anything that is found will have to be disclosed to future buyers. This will definitely make it more difficult for you to find another interested party especially if there is something seriously wrong with your home such as a cracked foundation, leaky roof, etc.
Speaking of the selling price, this often times comes up during negotiations after the home inspection. If the seller is not willing to fix the problems, the buyer may ask for a lower price so that he can take on the repairs upon moving into the home. Obviously, this is not always a guarantee, and once again the seller will have something to say.
There are no standard rules for who is responsible for these repairs. Instead, a lot of it falls back on re-negotiations . In some cases, the buyer may want to get the transaction over with and agree to buy the house as is. But on the other side of things, the buyer could play hard ball and ask for all the repairs to be completed before closing. Every real estate deal is affected in one way or the next by a home inspection. It is up to you to deal with this the cards that you are dealt.