Part of the home buying process is getting an inspection. A Buyer will appoint an Inspector to assess the home and provide a list of items that need to be address. There is usually always a list of items that need to be looked at, even in new homes. But what happens at this point? As a Buyer, you , with your agent, will decide what items you would like your seller to address. This is called Inspection Objection. You then enter into the inspection resolution process which is where both parties decide how to proceed.
Options could be
- The Seller doesn’t agree to anything, and then a buyer will decide if they want to proceed or terminate the contract.
- The Seller does agree but may do one the following
- They agree to do the repairs themselves
Or they offer a credit towards repairs
There are pluses and minuses to these options. If they choose to do the repairs, they may opt for a cheaper contractor to get the work done. With a credit, a buyer has control over the repairs and who does them. But if the contractor finds more work than first expected, it may cost more than the original correct. You can’t go back to a seller once closed so its a chance you take.
If something considered major does come up, whether you are a buyer or a seller, try not to panic. Most things can be addressed and most parties can come to an agreement.