How to Negotiate for Repairs When Buying a House
As you shop around for homes for sale, you will probably find one that seems to suit your needs the best, and this might be the house you put an offer on. If this particular house needs some type of repairs, you may wonder how to go about negotiating with the seller for these repairs. There are several options you have for this, and here are some of the ways you could handle this.
1. Include a contingency that it must be fixed.
If there is a specific problem with the house that you cannot live with, one of the best options you have is to include a contingency in the purchase offer that it must be fixed. A contingency is a request you make when writing an offer. If the seller accepts your offer, he or she is also accepting the contingencies it includes.
Therefore, if you add a contingency that states the seller must fix this problem, the seller will have to make the necessary repairs before you close on the house. This is the best way to handle a necessary repair, simply because the seller will know that closing will be postponed if the repairs are not completed.
2. Offer a lower price.
The other option you have with this situation is to offer a price for the house that reflects the costs for making the repairs yourself. For example, if the roof is in horrible shape and needs to be repaired, get a bid for the repairs. If the bid is for $8,000, subtract this amount from the asking price when making your offer.
With this option, you could pay a lower price for the house, and this would give you the extra money to pay for the repairs yourself. Some people actually prefer this method, simply because they get to choose the contractor for the job, and they get to make sure the job is done properly.
Other people prefer the first method, simply because they do not want to have to do any work with they move into a house. They would rather have the seller do the work so they can move right in after closing without having projects to work on.
Negotiating is a normal part of the home-buying process, and real estate agents are really good at knowing the best methods to use when negotiating. If you have questions about negotiating, talk to your agent for further help and tips.