home inspection

Use Home Inspection To Negotiate A Lower Purchase Price

November 14, 2017 in Property Tips

There are many essential steps every buyer should undertake before buying a new home. After looking into property listings in New Jersey or elsewhere in the US, the next vital step to do is have the home inspected by a trained professional. During home inspection, the expert can evaluate the home using a set of valuable criteria. After a thorough inspection of the property, there is a possibility you will be able to negotiate a lower purchase price for your dream home. How’s that possible?

Home Inspection Helps Spot Potential Problems

One of the advantages of doing a home inspection before purchasing a home is you will be able to spot any potentially dangerous problem you may encounter in the future. Inspections will help you know whether there are rotting walls, bad wirings or presence of molds in the property. Some of these may be less dangerous when compared to others but all can lead to problems later on. When the home inspector happens to spot them you can take it as a criteria to lower down your negotiating price for the purchase. Every problem can be a cause for bargaining on the purchase price.

In line with this, it is important that the contract will include an inspection contingency. This clause will allow you to make negotiations even after the entire process of buying has already started. With this, you can ask the seller to have any problem repaired or at least receive a credit in case you want to undertake the work yourself. In most cases, sellers will undertake the repair just to make sure they will not lose potential buyers.

Take It As A Chance To Make A Great Arrangement With The Other Party

In case the home inspector spots any of the problems mentioned above and all other possible issues that can lead you to haggling on the price offered by the seller, you have to make sure that you will also be ready for an amicable settlement with the other party. Take note that sellers will never want to lower down the price of their property and sometimes, they will not want to undertake the costly repairs. This just shows that you, as the buyer and that of the seller both want to enter a win-win situation. When this is the case, you should set aside your differences and come up with a plan that will be favorable to both sides.

A Home Inspection Also Acts As Your Protection

You can use it to protect you from any dangers that may arise in the future. It is either you ask for the price to be lowered down or let the seller take it upon themselves to have every issue – minor or major at that – repaired to make the property livable. Bargain the price only when the seller is not willing to undertake the additional expense but when he is more than willing then negotiate the price accordingly.

An expert real estate agent in New Jersey will help make sure that you will get the property that will give you the best value for your money. With that, you can be certain that the results of the home inspection will be most favorable on your part.

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