Home Buying in San Jose>Question Details

Landsharks, Home Buyer in San Jose, CA

Purchase price adjustment based on investigations

Asked by Landsharks, San Jose, CA Sun May 25, 2008

Is it common practice to ask seller to adjust purchase price based on information learned during the contingincy period? What would be the timing requirements for making such a request?

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2
Landsharks,
It is common practice to ask for price adjustments based on inspection findings. There are a couple of ways to handle things either have the seller make the needed repairs or ask for concessions. You must do this prior to removing contingencies, once you remove contingencies then you need to complete the transaction or your deposit is at risk.
Have a great day!

Charles
1 vote Thank Flag Link Sun May 25, 2008
It's generally pretty clear. When an offer is written, the contingency of an inspection is written in WITH a deadline for the buyer to follow - IF s/he finds something at inspection s/he is concerned about. If they miss that date (usually 48 hours after inspection) then they've missed their opportunity. But truthfully in this buyer's market, a seller should work to reconcile issues. However that does NOT mean s/he should be taken advantage of. I tell my buyers never to come back at inspection with somethng that was visible and should have been noticed without an inspector (like condition of driveway). Hope this helps!
0 votes Thank Flag Link Mon May 26, 2008
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