Home Buying in Reading>Question Details

Pammiegirl, Home Buyer in Reading, MA

My inspection was not good so I want to offer a lower price. What forms do I need to fill out?

Asked by Pammiegirl, Reading, MA Sun Apr 26, 2009

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Who is your agent? If you have a buyer's agent they should be handling it for you. Even if you went directly to the listing agent, they should at least tells you what needs to be done. If you are dealing with a FSBO, you can still be represented by a buyer's agent.

I would immediately notify the seller in writing that the home inspection had issues that you did not find acceptable. Define exactly what the issues were and if possible support with copies of the pages of inspection that address the issues. I would not send the whole copy of the inspection. Then I would state what you propose as a resolution, whether the seller fixes it or a price reduction.

This is all assuming you signed a Contract to Purchase with a home inspection contingency.
0 votes Thank Flag Link Mon Apr 27, 2009
As already stated, it depends where you are in the purchasing process and what you've signed to date. Do you have a real estate attorney helping you?

In the common case, one often makes an offer where one of the contingencies is a Home Inspection contingency ... either to the satisfaction of the buyer or to some dollar amount. This is the contingency that would allow the buyer to potentially renegotiate the price without risk of his/her earnest money in the case that some unexpected issues came up in the Home Inspection. There really isn't any form per se so much as the terms of the Purchase and Sale Agreement. Am I correct in assuming that this has not been agreed upon and signed yet?

I realize you may not want to share all the details of your transaction on a public discussion group. However, how you proceed does depend on the details of your particular situation. Feel free to contact me offline at greer.swiston@commonmoves.com or (781) 304-1048 if you do not already have a real estate attorney or representative to help you.
Web Reference: http://www.commonmoves.com
0 votes Thank Flag Link Sun Apr 26, 2009
Assuming you are already under contract (executed offer contract signed by both parties) so next steps would be to discuss an appropriate price reduction with your buyers agent and have him/her contact the sellers agent and try and negotiate a discount. Just realize once you do this you are essentially renegotiating the original deal and you could lose the home if the sellers don't want to reduce the price. If they do agree to either fixing the problem(s) or reducing the purchase price you can just add the new price or language to the Purchase and Sale agreement.

Hope that helps!!
Web Reference: http://WWW.TERRITORYRE.COM
0 votes Thank Flag Link Sun Apr 26, 2009
It would depend on a couple things. 1. If your using a buyers agent then they would write down the issues & negotiate for you a reduction. 2. If your using the listing agent then you'd need to write down your requests & reasoning for them and ask the sellers to reduce the price as asked. 3. What does your offer to purchase say about a home inspection contingency? 4. Some bank owned property & short sales there are no renegotiations & you would have to simply withdraw.

You may have to furnish a copy of the home inspection report detailing the issues found that your not happy with and ask for the concessions in writing. The seller/owner has 3 options, accept your proposal, reject your proposal or counter offer your proposal. Were the items you are unhappy with items that needed professional observation to recognize or was it something that should have been obvious to the general home purchaser? An example of this would be a structural issue in a wall that only a professional inspector/contractor would recognize or simply an old roof/kitchen needing updating/replacing. You'll also have to look at what was disclosed on the listing sheet, sellers disclosure etc.

If you did alot of negotiations to get the offer accepted they may be less receptive, but that's an unknown. I don't know your sellers, their motivation or anythng about the property. Hopefully you at least have an attorney representing you, that way someone is looking over the contracted agreement and can suggest options.
0 votes Thank Flag Link Sun Apr 26, 2009
Most states have a simple "Amendment to the Contract" form, which can be filled in to state that the contract is amended to reflect a sale price of ............... , and have the seller(s) sign it. Don't forget to change your down payment/mortgage amount which will be influenced by the actual sale price!

Your inspection contigency in the original contract states how quickly you must inform the seller of your dissatisfaction with the inspection, whether you musrt provide the seller with a written report from the inspection, and whether the seller has the option of resolving those issues by making repairs/replacements, etc. rather than granting an allowance to you. Check with your agent, if you have one. Otherwise, reread that section of your purchase agreement, present the seller with your preference for a price reduction, and cancel the contract before any time limits have expired if you're not satisfied with the answer. You can always write a new contract if the situation changes.

Hope that helps.
0 votes Thank Flag Link Sun Apr 26, 2009
If you are using the services of a Realtor then they should have a form for you. If you aren't I'm not sure where in your state you would get that. In Colorado the state real estate commission has blank forms available and this would include an inspection notice.
0 votes Thank Flag Link Sun Apr 26, 2009
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