How to Increase Your Chances of Success With Negotiating Remedies
So, you've gathered all of your inspection reports for the house you plan to purchase, and you've found that you're not comfortable with the current condition of the home. What can you do?
First of all, no one can force you to buy a home you're not comfortable with. In Ohio, the inspection contingency allows you to terminate a contract based on inspections. But you also have the opportunity, through an agreement to remedy that might allow you to purchase the home with the repairs you need in order to feel comfortable.
This is another round of negotiations and, at times, it can be more tough than the initial contract negotiations. So I have three tips to help increase your chances of success!
- Be reasonable. There is no such thing as a "perfectly conditioned home." Even new builds can have flags on an inspection report. Make sure you are negotiating repairs of things that are truly concerning to you. Nickel and dime-ing a seller is a great way to insure a break down and bad blood during negotiations. Make sure you have an in-depth conversation with you inspector about which condition items should be addressed prior to closing.
- Gather estimates to provide with your documentation. You'll need to provide the sections of the inspection report that are relevant to the request to remedy, but it's also helpful to provide a quote for the work. This requires a little more coordination on your part, but it provides so much clarity for you and the seller, which might prompt and easier and faster negotiation process. Further, if the seller chooses to deny your request, you also have clarity on the cost of repairs should you choose to move forward anyhow.
- Consider a credit from the seller for the cost of future repair. If you're comfortable closing with the property in its present condition, but concerned about repairs for items on the report, consider asking the seller to cover a portion of your closing costs in lieu of repairs. This gives you some extra cash on hand to do the work yourself. If the seller is looking for an easy path forward, this is a great solution. If they would rather control the cost, they may opt to have the work done prior to closing.
I hope these tips are helpful! If you have any questions, feel free to reach out to us at johnyoderteam.com/contact and speak with an agent today!
Until next time,
Key Realty - John Yoder Team