| If you are a potential home buyer, you are going to | | | | Repairs, including fixtures-if there are necessary |
| want to know the condition of your possible real | | | | repairs that will improve both the function and quality of |
| estate property investment. If you are a potential seller, | | | | the house, this is definitely a point of negotiation. The |
| whether your house ends up on the higher or lower | | | | inspection report will let you know what repairs the |
| end of prices for comparable homes in your area will | | | | house needs and what malfunctions it has. The more |
| depend on the condition of your home, among other | | | | issues that the house has, the more it is going to cost |
| things. | | | | to fix it to make it function properly and the more you |
| It is advisable for the real estate buyer to hire a home | | | | can request the owner to move on the price. |
| inspector who will go through the most important | | | | If you are going to negotiate once you have the home |
| aspects of the condition of the home, which is | | | | inspection results, estimates should be provided by the |
| especially important in an older house or a house that | | | | home inspector. However, if they are not, make sure |
| has gone through many hands in a short period of | | | | you obtain estimates on any repairs or improvements |
| time, even if it is relatively new. Homes that have been | | | | which need to be done so that they are available |
| lived in usually have repair issues that need to be | | | | during negotiations. The negotiation, of course, will be |
| corrected and this is what a home inspection will | | | | the original asking price, your offer and now the |
| determine. The inspector will determine whether repair | | | | agreed upon price taking into account all of the |
| issues are major or minor so that both the potential | | | | estimated repairs. |
| buyer and seller can know where they stand. Once | | | | As a buyer, you should make sure that your purchase |
| the inspection has been thoroughly and carefully done, | | | | contract includes an home inspection clause that will |
| you are supposed to get a home inspection report | | | | make your obligation to purchase the home contingent |
| which will be the starting point for some negotiations | | | | upon the results of an independent home inspection by |
| between the seller and potential buyer: | | | | a professional. The inspection should be conducted |
| Price of the home-based on the home inspection | | | | within a given period of time while the sales transaction |
| results, there can be a negotiation over the asking | | | | is taking place; anywhere from 10 to 15 days is |
| price, especially if the house requires major repairs. If | | | | customary. |
| this is the case, if the house requires a new roof | | | | As a seller, you should have already been well-aware |
| urgently, then the cost of the new roof can be | | | | of the condition of your home and whether it needed |
| negotiated between the seller and buyer. As a buyer, if | | | | major repairs which were going to come up during a |
| you are going to replace the roof, then you have | | | | home inspection. Therefore, you should already be |
| every right to request the seller to bring the asking | | | | prepared for the buyer to request a change on the |
| price down to compensate for the investment you will | | | | agreed upon price, a change which takes into account |
| have to make. | | | | the repairs that the home will need. |