For many people, purchasing real estate is a straightforward process. They tour properties they like, make an offer and then sign paperwork later. Unfortunately, there are occasional disruptions in that process.
For example, you may find out the week before closing that there is a serious problem with the property because of the inspection. The offer you made on the property no longer seems appropriate given what you now know about its condition. How do you resolve this matter with the seller and move forward with the property?
Put a price on the problem
The first and most important step when negotiating with the seller over a defect that turns up in the inspection is to figure out the financial impact of that problem with the house. Putting in new plumbing could cost a few thousand dollars in a modern house or cost several times more in a house with old plaster walls because of the extra work involved.
Once you know what the damage will cost you to repair, then you need to decide if it is enough of a reason to walk away from the purchase. Provided that your offer included an inspection contingency, you can potentially cancel the closing if the seller won’t meet you halfway by paying for repairs or agreeing to a lower purchase price.
Although it can feel unfair to have to walk away from a property because the seller didn’t disclose the defect, that may be the better option than moving forward with the purchase, especially if they won’t compromise on repairs or price despite the issue. Learning more about how to resolve real estate disputes that occur before closing will make buying a house less stressful.