The Home Inspection
After receiving the findings, the buyers may move forward as-is, request a price reduction, or make a repair request. The negotiation may go back and forth a couple times until we reach an agreement. Sometimes the findings need further evaluation, so the buyers may have relevant contractors come and give their determination on work needed. Once we come to an agreement, we order the appraisal.
The majority come in “at value” with no work conditions. If there are a few conditions, like replacing a piece of rotten wood, touching up peeling paint, etc., we need to address them before closing. If the appraisal comes in below value (aka below agreed-upon purchase price), there are a few options:
- We come down to appraised value
- The buyer bridges the gap with cash down
- We meet somewhere in the middle