Once the inspection report comes back, you need to review it thoroughly. Don’t be surprised if it’s 30 + pages long with more than 25 “issues” that need to be repaired. This is typical and expected. I’ve never seen an inspection report that didn’t have at least 5 items that needed repair. However, there is a big difference between cosmetic repairs such as adding splash blocks or repairing a broken cabinet handle and large issues such as sewer back up in the basement.
Here are my tips for reading the inspection report:
- Pay close attention to issues relating to the electrical, plumbing, roof, foundation, or water intrusion. These can be costly to repair.
- If there are any big ticket items which are concerning to you, decide if you want to have additional inspections performed. For instance we can bring in a structural engineer, a sewer inspector, an electrician, a pest inspector, etc. Please note, if you decide to bring in additional inspectors, you’ll be responsible for paying their fees.
- Make a list of items you feel the seller must repair or you’re not willing to go through with the transaction.
- Make a second list of items you’d like the seller to fix, but would be willing to still close on the house should the seller decline.
- Make a third list of the items you’re OK with fixing yourself or feel don’t really need to be fixed.
- Once you’ve done this, email me your lists. I’ll review and suggest changes if you’re leaving out an expensive repair, not asking for enough, asking for too much, etc.
- Keep in mind that you can ask the seller to repair items or provide a credit for you to fix the items after closing.
Once we’ve agreed on a strategy, I’ll negotiate the inspection repairs with the seller’s agent. If there are only a few minor issues which need to be fixed, the negotiation will probably go quickly. However, if contractors or trades people need to be brought in to give estimates, expect the inspection negotiations may take 3 – 7 days.
If we are able to come to an agreement with the sellers, we’ll finalize our paperwork. The repairs then need to be completed before the final walk through with receipts proving the work was done sent to us ahead of time. If we are not able to come to an agreement, you have the right to cancel the contract instead and get a refund of your earnest money.
Questions? call me @ (615) 977-8444 or email whereyoulivetn@gmail.com