Some of the common problems that should be considered include the roofing part, replacing the pipes, fixing any leaks, and the requirement for new wiring for any 30- to 50-year-old houses. WHEN TO WALK AWAY Professionals say you should cancel the deal if you can’t buy the house you want, on the conditions that you want, and for the money that you have. In a buyer’s market, the seller will negotiate on minor repairs disclosed by an inspection long before the thought to walk away hits you. However, some repairs are just not worth it. If the problem that the homeowner refuses to fix or pay for to fix is dangerous and you can’t fix it, then it’s time to walk away. If there is “knob and tube” wiring from the 1950s in the basement that the owner will not remove and rewire, or adjust the price accordingly so that you can immediately upon assuming ownership. You don’t want to endanger your family, and not even that otherwise-perfect Victorian house is worth it. If the problem is something you need to fix soon, but is too expensive for you, then walk away. If the issue is likely to cause a chain of other problems and is hard to estimate how much it will cost, walk away. Consider the pros and cons carefully and listen to your real estate team’s advice. They are usually more experienced and may explain to you the advantages and disadvantages better than anyone else. Also, listen to your own gut. If the doubts and uncertainties are too anxiety-provoking, it might be better to turn it down and start over. CAN INSPECTIONS AFFECT THE HOUSE VALUE? The short answer is, “Yes, they can,” but don’t count on it too much. Thinking of the inspection period as another chance to revisit price isn’t a good strategy. It’s not often that the house inspection greatly affects the sale price. That has generally been negotiated prior to the inspection and the inspection is used to validate the home’s apparent condition.
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