Negotiating After You Get Back The Inspection Report

[Charles P.]

Hello all, so I’m in the upper peninsula of Michigan, and we’ve had our offer accepted on a duplex! It’s our first rental investment property. We just had our inspection done, and there are some things that need to be addressed, for one, there is ongoing water intrusion due to no roof flashing, or chimney flashing still existing. I’m unsure how to move forward and how much to ask for a reduction in price if that’s the route we go. I got a quote for roof repair, but of course we are on a time crunch due to the contract, and as always you never know how much more damage they find when they open things up. So am I expected to only ask for a reduction in price to replace the roof and then later find out it’s double that maybe. Or is it normal to ask for quite a bit more off due to the potential effects of the water damage. I’m not scared away by the water and the structure appears sound and safe. 

Long story short we got our inspection back on the property we have under contract and are curious how much concessions or in what way we could ask for concessions due to the nature of the findings. 

Hope this makes sense! Thanks in advance

[Drew Sygit]

@Charles P. typically, we give a seller two options:

1) They can fix

2) We get a bid and ask for 150% of it, to cover unforseen surprises.