Tuesday, November 29, 2016 / by Jason Huerkamp
A Home Inspection is an inspection done on a property by a qualified, licensed and insured home inspector, to make sure that the property the Purchaser wishes to buy is structurally sound, not detrimental to ones health and is not likely to be a financial burden immediately to the Buyer post closing of the property.
After the home inspection is completed there will inevitably be a number of items that need to be repaired / replaced / remedied. The buyers agent will meet with the Purchaser and the Home Inspector at the property for a preliminary meeting prior to getting the detailed list of repairs and issues he may have uncovered. He will go through the list with the purchaser and then send you a written report on the property within a few days of the completion
Once the issues have been discussed and provided there is nothing too onerous or detrimental to the Purchasers health and welfare on that list, its time to decide with the help of the Buyers Agent, which items need to be corrected in order for the Purchaser to continue with the transaction.
An experienced Buyers Agent will have discussed the possibility of this happening with his Purchaser prior to offering on the property and the item and result would have been written into the contract in the form of a contingency clause to suit the Purchaser. The repairs are handled as per the contract.
Most times the following would be the options the Seller would have:
- The Seller repairs everything at his own cost
- The Seller refuses to pay for any repairs
- The Seller could also agree to a financial settlement instead of the doing the repairs to the property
Your Buyers agent would be an integral part in this negotiation and its not something you should be doing on your own. An experienced Buyers agent would have been through this situation many times and would understand the risks and options that this affords you, the Purchaser.
When it comes to buying or selling a home, the Huerkamp Team have the experience and the know how.
The Huerkamp Team are your real estate specialists in the Twin Cities and surrounding communities of Minnesota. We are ranked in the top 1% of agents nationwide! The Team is dedicated and experienced in the Twin Cities real estate market and look forward to being your real estate time for life! You will have a great experience buying or selling real estate.
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