Renegotiate purchase price after inspection?
Hi everyone,
I just got an inspection report on a rental property that I am buying and have an accepted offer on. It came back with a lot of minor fix ups that need to be done. I didn't expect this many things to fix up so I wanted to ask... is it common to renegotiate the purchase price after doing an inspection? I'm thinking about just taking a grand off just so I have some more funds to get the repairs done. Thoughts appreciated! Thanks
Most Popular Reply
Never have the seller perform the repairs in escrow. What incentive would they have to spend the money to do a halfway decent job? Then you'd have to reinspect, etc. If you are going to renegotiate, it is better to get a discount on the sale price in lieu of repairs and complete the repairs after COE IMO.