Back HomeRenegotiating the contract after home inspection
What do most agents think about home inspection re-negotiations?
Ok, so I am shocked. Sometimes I cannot believe what some real estate agents think that a home inspection is for.
There was a recent blog called “My inspection report is not “ammo” posted on a private real estate forum by a home inspector who stated that his inspection reports should not be used as ammunition to get concessions from the seller.
I could understand why he is wrong because he is not in the business of negotiation contracts. But…
This is what OTHER buyer agents said…
- OTHER agent says: “Buyers need to understand that simple mold remediation (we used to call it “bleach”) will usually cure Florida mold problems.”
- OTHER agent says: “As a listing agent who represents sellers, I can tell you that buyer’s agents who rattle on about “safety issues” in a home inspection report as though they are truly life threatening, make me want to strangle somebody.”
- OTHER agent says: “Agents need to tell buyers that their inspection is not a wedge to get them money or a price reduction.”
- OTHER agent says: “Inspections should not be used as a tool for negotiating the price.”
- OTHER agent says: “I always tell my buyers up front that the home inspection is really just for their information so they can get to know their new home better and it’s not for attacking the sellers into making it “new” again.”
- OTHER agent says: “I make a point of letting the listing agent know that when I present my offers I will not try to renegotiate the contract after inspections since they might be scared of other agents that will.”
This was my response:
As an Exclusive Buyers Agent who ONLY represents home buyers, you better believe that I will use the inspection report as ammo…what else is there? I do not eagerly wait for the report, but I sure will use it if necessary.
An inspection report is to discover deficiencies that the buyer is unaware of. If the deficiencies are minor, my clients will still buy the house. However, if there are bigger problems, read on to learn how I solve them.
More of my thoughts…
However, if the home inspection reveals more serious or costly issues, I will either renegotiate the price, or have the seller repair the issues…using the home inspection report. Or my buyer can cancel the contract and keep their deposited monies.
That is why a home inspection is a “CONTINGENCY”. The Home inspection is contingent on a satisfactory inspection to the home buyer.
I have also discovered that most of the time if the home inspection problem is a serious or costly issue, that the seller already knew it and did not disclose it. Or at minimum, the seller should have known about it.
Eve
PS: and in Florida Mold can be a very serious negative…not only for health reasons but because sometimes even professional remediation may not cure the problem. Mold issues do lower the value of the property.
Moral of the story is this:
Buyer Agents are not created equal; there are those “fakes” who worry more about what the seller thinks than what the home buyer deserves.Then there are a few real buyers agents like Buyers Broker of Florida who actively represent the home buyers best interest. For the best Buyer Agents in town, call us. 407-539-1053
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