Home Buying in Albany>Question Details

Elm, Home Buyer in Albany, NY

What is common practice for sellers and buyers when a home inspection finds a major problem?

Asked by Elm, Albany, NY Thu Nov 13, 2008

Our inspector found the homes roof to be bad. Who should pay for the new roof?

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Hi Elm: The answer to this question is....It depends. Everything in a home sale is subject to negotiation during the contract stage. How a home inspection is handled is part of that negotiation. If the home is being sold as is, with the right to inspect, then the seller has no obligation to fix anything found during a home inspection. However, in this case the buyer can choose not to buy the home if they are not happy with the conditons that are found during the inspection.

In a normal contract there is usually a paragraph that address how much the seller will be willing to pay for repairs (up to a certain % of the sale price or a fixed amount). You didn't mention if you were the buyer or the seller. If you are the buyer, a major problem being found by a home inspection is grounds for you to either walk away or try to negotiate a new price based on several estimated costs (estimates given by a reputable company that is experienced with the type of problem, such as a pluming contract, roofers etc.) If you can come to a meeting of the minds on the price adjustment then the contract is modified and the sale goes forward. If not, you simply walk away from buying the home, you get your escrow deposit back and you find another home to buy.

If you are a seller, my advice is to get a home inspection before you list your house so that you have the opportunity to address any problems before the become issues.
0 votes Thank Flag Link Fri Nov 14, 2008
Seller needs to lower price. However, Buyer needs to get estimates on repairs needed so can ask reasonable price adjustment from seller. Just seems fair this way.
0 votes Thank Flag Link Thu Nov 13, 2008
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