Buyer Tips | Seller Tips | General Tips | Real Estate Glossary
The structural inspector has
just handed you a twenty-five page report! Your "perfect" house isn't
really perfect after all. It's "Old World" charm extends to the
heating and plumbing systems and the roof leaks when it rains. What should you
do--back out of the deal or try to re-negotiate your purchase agreement with the
sellers?
Your strategy should depend on several things.
Did you know about the problems when you made your offer? Did you make an offer
at the top of the market? Did the sellers build some room into the asking price
with the understanding that their house was a handyman's dream? Most structural
inspections turn up at least a few items that need attention, but they
occasionally reveal major defects. The inspection clause in your contract has a
time limit. If you really like the house, you should consider re-negotiating
with the sellers before backing out of the agreement. The next
"perfect" house could have the same, or similar, issues.
Contact Anita Kay
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