repairs be done and inspected again before moving along, or a price concession to account for your expense in making the repairs after the purchase. The worst-case scenario is that the house needs major investment not accounted for in the offer; for example, the roof has exceeded its useful life and is in immediate need of a total replacement, or the sub-structure leaks and cannot be inexpensively remediated. You may ask the seller to vastly reconsider the sale price, ask for the full amount to fix the problem(s), or walk away. A full inspection should always be part of the conditions/contingencies in a home sale, and so failing the inspection means any earnest or escrow money will be returned. Regretfully, there is no standard template and step-by-step guide about what to do if there are issues with the house. It depends on how you crafted your conditions. The best buyer option (and really only likely in a buyer’s market) is for the seller to be liable for all the repairs. Some contracts may include cost limits or split liabilities. However, if you bought the house “as-is” and your inspection was only for informational purposes, you will now have to calculate the repair costs and plan how you fix your house. Some of the common problems that should be considered include roofing repairs, replacing the pipes, fixing any leaks, and the requirement of new wiring in any 30- to 50-year-old houses.
WHEN TO BACK OFF
The professionals say you should cancel the deal if you cannot 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 a settlement on minor repairs disclosed by an inspection long before the thought of walking away even hits you.
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