Many people will quibble over a few hundred or thousand dollars in the purchase of a home after an inspection takes place. Often times, deals can fall apart because of the inability to compromise. Both buyers and sellers can do their part to prevent this from happening. Lets see what buyers can do to:
How Home Buyers Can Stop Real Estate Deals from Collapsing During an Inspection Period
- When writing an offer, take into consideration that you will need to fix some things. Budget in a few percent of the overall purchase price for repairs. Make sure you’ve got the finances to cover this. If you don’t get what you want and the repairs are still in your budget, you’ll be less likely to ditch the deal.
- Keep in mind that blowing a few thousand dollars on repairs is going to be a tiny percentage of your overall purchase price. Don’t let your emotions allow you to end a deal because the seller refuses to repair the leaky faucet in the kitchen. Too often, people just get into a frenzy during this negotiation stage after an inspection. If you can keep your emotions out of things, you are more likely to realize that it is not worth it to lose a home because you can’t agree on all of these items.
- Be fair, but ask for what you want. Don’t be afraid to ask the seller to fix things! You never know, they might actually do it. When I bought my home a few months back, the seller fixed EVERYTHING. Every issue on the inspection report was repaired. I was not afraid to let them know that I wanted everthing taken care of. In the current atrocious housing market, buyers have much more leverage to ask for what they want.
Do you have any suggestions?