1. Foundation: sound and solid
2. Roof free of leaks
3. Plumbing working and leak-free
4. Heating system sufficient and operating
5. Electrical system sufficient and up to code
If there is a serious problem with any of these five items, typically the Seller has a responsibility under the terms of the contract of sale to repair the problem at their expense, not the Purchaser's expense. Sometimes a Purchaser will receive a credit at closing to repair one of these items (assuming the home and the defective issue has not compromised the Lender's appraisal). When the Purchaser receives a credit at closing, the amount of the credit is based upon legitimate estimates for repair and negotiations between the Attorneys representing each party.
Other items you discover are in need of repair/upgrade (i.e. diswasher not operating properly; air conditioner on second floor inoperable, etc.) can be negotiated for a repair credit or replacement at the Seller's expense. Again, these negotiations are handled by the Attorneys.
It is extremely RARE that a purchase price is reduced due to repairs from a Home Inspection. Best to consult with your Attorney for more detailed information in this area.
If you don't already have a good real estate Attorney and you're shopping for homes, you need to reverse your process. First, get properly prequalified for mortgage financing by a Local Mortgage Banker. Second, line up your Attorney. Third, line up your Home Inspector. Fourth, line up a great local Realtor with personal experience in the area in which you'd like to buy.
I hope this answered your question. Should you have any further questions, please feel free to contact me by the ways below.
Wishing you the best of luck,
De Vonte Williamson
Licensed Real Estate Salesperson
Serving Long Island & Queens
Coldwell Banker Residential
"I Stand Behind Getting You Results!"
"This offer to purchase is subject to a satisfactory engineers report, a termite inspection, a water analysis, clear title, and a standard language formal contract prepared or reviewed by an attorney".
Sometimes there are time frames attached to an inspection, "within 5 business days" for example, and sometimes you have to do it ahead of a contract.
One never knows what is behind close walls so I would have to agree with Keith...prepare for the worse. Did you already do a home inspection? If you did then you have nothing to loose by presenting a new offer and contingencies. Good Luck and keep us posted as to how it works out.
Coldwell Banker Neyland Realty
Middle Island, NY 11953
It is nice to know everything, but you need to pay for that information and someetimes the expense is not worth the information. Get your opinion and understand what the worst case situation is and then try to negotiate it or prepared to incur an expense on a property you may not own.
First Weber Group
Certified Distressed Property Expert
if someone really wants to sell, they will have no issue with this.