In this case, everything looks good, everything is fine, the property is in excellent condition, and no further work is required or recommended. This means you are good to go with moving toward other paperwork in the closing process. Congratulations! You are one step closer to homeownership.
MOST TYPICAL SCENARIO:
A more typical scenario is that the house is in generally good condition, but requires some minor repairs. This could involve some negotiations between your agent and the listing agent. In fact, the discovery of minor issues requiring repair can actually give you a leg up in negotiations, because you can often either get the seller to lower the asking price (a price concession), or have the seller agree to cover the costs of the repairs as part of the purchase agreement.
WORST-CASE SCENARIO:
In this case, the inspection report revealed that the home needs major repairs or issues dealt with before it can be sold. For example, perhaps the plumbing is outdated, with leaky pipes or other major issues found, and the entire plumbing system needs to be replaced. Or, the roof requires replacement. Or an infestation has been uncovered, and needs to be dealt with immediately. Regardless of the issue, you have a few options at this point.
WHAT TO DO IN A WORST-CASE SCENARIO
For example, you could ask the seller to drastically reduce the asking price if you are comfortable dealing with the issue yourself. You could also ask for the full amount that it will cost to fix the problem. Or, you could decide that it’s not worth it, and choose to walk away. A full inspection should be part of the terms and conditions in any home sale, so if a home has failed the inspection, any earnest or escrow money will be returned.
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