When buying Real Estate Negotiate the Price with Property Defects

To give yourself the opportunity and time to inspect a property is to provide in your purchase contract that “final acceptance of this contract is subject to the buyer’s approval of the condition of the premises, title, and financial information on the date of settlement.” The reason for this is so that at settlement the contract can be carried through with or rejected.

You will first have everything at that point that you will need to know about the financing.

You will also at that time have had a chance to examine the title being conveyed for any discrepancies as well as any issues that will arise from the title insurance policy.

Finally, you will be able to have enough time to inspect the property once the seller has removed all their furnishings and can discover the big whole in the wall that the living room couch was hiding. No, not really, but you will be able to make a better informed decision on one of the biggest purchases you will be making in your life time.

At settlement, if defects were found that were not disclosed to you previously, you can approach the possibility of renegotiating the sales price, or ask for seller contributions if your loan allows, or reject the property all together.

In any case, it is always wise to hire a professional home inspector or any other professional that would help you make a better and more informed decision on the purchase of real estate. For instance, if you are concerned about a pool on the property you would hire a professional pool person, or the roof on the home you would get a professional roofer.