Offer--repair contingency only if cost exceeds a certain limit
I'm a new investor in Virginia interested in single-family rentals.
I would like to make an offer with an inspection contingency triggered if repairs exceed a certain amount. For example, the contingency occurs when repairs are greater than or equal to $5,000.
The way I would like this to work is (upon acceptance of the offer) I have an inspection performed. If it comes back with minor repairs obviously under the threshold, I buy the property (assuming other contingencies don't occur, etc). If the inspector uncovers e.g. serious foundation problems, then I could walk (and perhaps make a second, lower offer in view of the problems discovered).
The amount of repairs would be determined by estimate from a contractor with the appropriate license to do the work. I would engage the contractor and obtain the estimate.
The goal here is to create a below-asking price offer that will be accepted. The houses I'm interested in tend to go at or slightly below asking price before accounting for repairs and closing costs. I want to offer less than asking price, but sweeten the pot by letting the buyer know that I'm not going to push hard on repairs unless there's something really wrong with the house. For me, I could get a discount on a house that's dated but functionally sound.
Is it possible to do this using the standard VAR forms? What's the proper verbiage?
Thanks in advance!