One of the most important steps of the home buying process is the professional home inspection. As a buyer, you’ll want to make sure that you’re not purchasing “damaged goods.” A home inspection will reveal any issues that the seller maybe wasn’t aware of (or that only recently occurred). If you’re buying a home and the inspection reveals some issues, then you have three options: you can back out of the deal, you can request repairs, or you can ask for a seller credit.
Asking For Repairs
If there are problems that require repair or replacement (for instance, there’s a leak in the roof), then you can simply ask the seller to take care of it before the purchase goes through. Many sellers are willing to pay for repairs, especially ones that aren’t too costly, to help the sale go through.
Asking for a Seller Credit
Another option is to request a credit. Instead of doing the repairs, the seller would provide a credit that is equal to how much the repair would cost. The credit can go towards the buyer’s closing costs, but it can also be combined with a higher sale price so that it becomes a part of the mortgage. If the buyer receives a credit, then they will be responsible for taking care of the repairs after buying the house.
If your inspection has revealed issues with the house you want to buy, then you’ll want to carefully consider your options. Also, keep in mind that the seller does not have to agree to do repairs or to provide a credit — although, if this is the case, then you’re legally entitled to back out of the sale. For more information about home inspections or about buying a home in general, be sure to contact us at Randy Lindsay.