Negotiating structural issues

Congratulations! You found a home you love AND your offer was accepted! It feels really great to be under contract, particularly these days when many buyers have been searching for a long time. However, there are  a few steps to navigate between contract and closing, including the structural inspection. Sometimes an inspection goes smoothly and the time is spent learning all about the inner workings of your new home. Other times the inspector uncovers issues that need attention.

While it can be worrisome when an inspector finds a substantial defect (contractually defined as any single item worth $1500 or more to repair), you have options. You can ask the seller to fix the issue prior to closing, you can ask for a credit to fix it yourself after closing or you can cancel the contract to purchase the home. The vast majority of the time buyers will opt for one of the first two options, but sometimes, particularly when there are multiple issues uncovered, walking away from the deal is the best choice.

Assuming you want to move forward, the first step in negotiating structural issues is to obtain a repair estimate. This is where a good buyer’s agent is invaluable. They have a list of recommended contractors. They provide access to the house so that contractor can provide an estimate. They help you decide if it’s best to ask the seller to complete the repair or ask for a credit. They negotiate with the seller’s agent to arrive at an acceptable resolution.

While this process can seem daunting, the vast majority of times, buyers and sellers are able to come to an agreeable solution and the deal stays together. When you work with McSharry and Associates you can rest assured we will be with you every step of the way!

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