If you’re like many people searching Aspen real estate listings, you know that hiring a home inspector is an essential part of the home-buying process. You need to know what you’re getting into – and an inspector can tell you everything you need to know about the home you’re about to purchase. If your inspector uncovers any issues, you may be able to negotiate the home’s price. Here’s what you need to know.
Can You Negotiate After a Home Inspection?
In many cases, you can negotiate a home’s price after an inspection. You can also negotiate repairs, which may be the right choice for you. You can discuss repairs with your Aspen REALTOR® if you’d rather have the seller make them for you.
Negotiating the Price After a Home Inspection
In many cases, prospective buyers want to hire their own contractors when a home inspection turns up something they can’t live with – and that makes sense. Sometimes sellers find the cheapest possible contractor to make repairs, and cheaper isn’t always better.
If you want to negotiate the price down after a home inspection, you and your REALTOR will discuss how much standard repairs of that type cost. For example, if the roof has a leak in it, your agent will know (or find out) how much that type of repair costs, and you can ask the seller to take that amount of the home’s sales price.
You don’t have to negotiate the price, though – especially if you don’t want to deal with the hassle of finding a contractor yourself or coordinating repairs after you’ve already moved into the home. Instead, you can negotiate repairs.
Negotiating Repairs After a Home Inspection
You can absolutely ask the seller to make repairs to the home before you buy it. If the inspection turns up something you know you’ll need to fix, such as a faulty air conditioning system or a shoddily constructed back patio, your agent can let the seller know that you expected those things to be in good, working condition when you made your offer. Now that you know they aren’t, you’d like the seller to repair them if you’re going to pay the same price you offered.
Sellers are often happy to make requested repairs (as long as they’re reasonable) because they know you’re very interested in the home, and that if they make the repairs, you’re a “sure thing” who’s going to buy.
What if a Seller Says No?
Sellers have the right to tell you no, just like you have the right to ask for a lower price or repairs. If the seller says no, you have a couple of options: You can walk away from the deal and get your earnest money deposit back (as long as you have a home inspection contingency in your contract) or you can accept that the seller said no and still buy the home. You can also come back with smaller repair requests – but it’s up to you and your agent to decide what’s best in your situation. A lot of it will come down to how much you want that home.
Related: What is a contingent offer?
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