After the Home Inspection: What Are My Options?

Home inspection report When you are buying a home in Palm Beach County, you will have the opportunity to order a home inspection, and we always recommend that you do. After the inspector reviews the condition of the property, you will have the chance to respond to the inspection report depending on what it reveals. If you want to understand all of your options after a home inspection is completed, keep reading. 

Why is a home inspection contingency important?

Before we explain your options after the home inspection, let's start with the home inspection contingency. In order to keep as many options as possible available to you, the offer you make on the home should include a home inspection contingency. We will help you include any contingencies that are necessary to make sure your purchase aligns with your goals. 

A home inpsection contingency is one of them. This allows you to back out of the purchase if the home inspection reveals an issue that is enough of a red flag or a dealbreaker to make you change your mind. While you can always back out of a sale, without the home inspection contingency you may be dealing with some serious penalties (like forfeiting your earnest money). 

Including the contingency is key to keeping your options open. These are your options after the home inspection report comes back:

Best Case Scenario

In a perfect world, the home inspection will reveal little to not problems with the property so that you can move forward with confidence in the purchase. You'll be able to have peace of mind knowing that the major systems in the home have been inspected and are in good condition, including the plumbing system, HVAC, electrical system, roof, structural integrity, and even the presence of any mold or pests. 

Accepting the Property As-Is

Another option is to accept the property in its current condition without requesting any repairs or concessions from the seller. This approach is typically chosen when the inspection reveals only minor issues or cosmetic defects that you are willing to address yourselves after closing.

For example, if you know you're planning to remodel anyway, a minor cosmetic issue probably isn't worth fussing about. Depending on how competitive the market is, accepting a property as-is with some minor wear and tear can sometimes be a smart move. 

Requesting Repairs

If the home inspection uncovers significant issues or safety concerns, you may choose to request repairs from the seller. This might include something like repairing a faulty roof, fixing electrical or plumbing issues, addressing structural issues, or remedying safety hazards.

Buyers can negotiate with the seller to have these repairs completed before closing or to provide a credit or price reduction to cover the cost of repairs. We will help you navigate the decision making process and negotiate with the sellers for a deal that is aligns with your timeline, goals, and needs. 

Renegotiating the Price

Alternatively, you may opt to renegotiate the purchase price of the home based on the findings of the home inspection. If the inspection reveals costly repairs or maintenance issues, buyers can negotiate with the seller to lower the purchase price to account for these expenses. This allows buyers to offset the cost of repairs while still proceeding with the purchase of the property.

We can provide our expertise to advise whether this is the right move based on the current market, as well as what a reasonable new price might be. 

Request Concessions

In addition to repairs or price reductions, buyers can also request concessions from the seller to offset the cost of repairs or address other concerns identified during the inspection. Concessions could be something like credits toward closing costs, a home warranty, or other financial incentives that benefit the buyer. Negotiating concessions can help you feel more comfortable with the purchase and mitigate some of the risks associated with buying a home.

Walking Away from the Deal

In some more dramatic cases, the home inspection may reveal an issue that is a dealbreaker for you. Thanks to the home inspection contingency, you will have the option to walk away from the deal entirely if that's the case. This option is typically exercised when the cost of repairs is prohibitive, or when buyers have concerns about the safety or integrity of the property. While walking away from a deal can be disappointing, it's important for you to prioritize your own financial and emotional well-being.

If the findings of the home inspection are so severe or extensive that you choose to walk away from the deal altogether, we can begin the house hunting process with you again. We know that you need to be able to move forward with total peace of mind, and we're with you in the journey until the end.

Ready to learn more about finding your home for sale in Palm Beach County? Contact us any time.

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