you look at these inspections and determine what is normal for the age of the home. For example: I've had situations where the inspector told the buyers that the furnace was working but its past its life expectancy. The buyers wanted the seller to come down 5K off the price we negotiated for a new furnace. The sellers argued the furnace was working fine and that they were never selling a new furnace. They felt the buyers would have seen the old furnace when they viewed the home before writing the offer. In the end the seller was willing to come down 2K just to get the deal over. You can see there is an argument for both sides, which is why as a buyer you need to weigh out the pros and cons carefully. If the seller refused to drop their price at all in most cases the buyer should accept the deal. Too often buyers and sellers argue over small amounts that has nothing to do with market value, they make it personal. It’s not often that the house inspection greatly affects the sale price because it has generally been factored in prior to the inspection. The inspection is used to validate the home’s apparent condition. I've worked with hundreds of sellers, and they always tell me that they feel that the accepted offer price has already considered the condition. Buyers often think they are bringing earth shattering news to the sellers that the home needs repairs. The truth is most sellers know the issues as they've been living there. Remember the role of the home inspection is to protect you "the buyer" from inheriting issues that are expensive to fix.
Why is an Appraisal Needed?
Home appraisals ensure that your lender is lending you the funds based on fair market value. If you are getting an insured mortgage, it's likely the lender will not need to send out an appraiser to inspect the home. Insured mortgages like CMHC give lenders complete protection so they are not as concerned
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