Boston, MA · Member since 2016 · 60 posts · 15 votes
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
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.
If significant issues are identified in a property , pest , roof or chimney inspection I prefer to ask for either a credit toward closing costs or a reduction in the sales price. This way I control who does the repairs correctly. When asking for a concession, it's best to have a written repair estimate from a licensed general contractor. Yes, it will be an out of pocket expense for you. Focus on major issues disclosed in the report/reports ( foundation, electrical, plumbing, safety, termite, roof issues, cracked chimney, dryrot etc. )
The more credible the estimate of repair, the more likely you will get some concessions from the seller. Technically, if you walk away from the deal, all those reports presented to the seller , at least in California, have to be disclosed to the next buyer. Meaning the seller either plays ball with you or takes their chances on the next buyer.
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
@Darsh Patel Only if the offer was contingent on results of the inspection report.