Strategies after Inspection Findings
Hi Everyone - a question here. I had an offer accepted on a first income property and just left the inspection/got the report. Needless to say (as I wouldn't be writing this if there were no issues) there were many things found. Some really big and some just minor and cosmetic. Two part question:
1) Is this normal? Do your inspections normally turn up a seemingly huge laundry list of issues - big, small, cosmetic, safety hazards, etc.?
2) What are your strategies for negotiating based on the findings? Price reduction, seller to complete work, etc. One concern on my mind is cash out of pocket. For example, a $15k price drop because the property needs $15k worth of sounds great - but the translation there is that I need to also come up with $15k to have the work done - more $ out of pocket.
Thanks for any and all input, suggestions, negotiation outcomes I may not be aware of, etc.
Tom