There is no secret or solid formula for success in negotiation. After an offer, a fully executed contract follows a short or series of negotiations. Afterwards, we embrace ourselves for another round of negotiation. The Home Inspection.
There are home inspection results which are beyond salvation. It could be a combination of structural, water and mold issues. When these problems are discovered, more often than not, the buyers would rather run instead of walking away.
Most of the time, all it takes is art, science and the right kind of attitude to reach an amicable agreement.
First of all, we have to deal with the buyers. A great realtor can guide the buyers, especially the first-time home buyers, into making reasonable requests for remediation. Nitpicking is a definite No No.
I do give my buyers the privilege to pick their battle. When the buyer chooses the wrong ammunition, I will have to give them a math problem to solve.
For instance, if I see 21 items on their wish list—yes it is a wish list because the sellers are not obligated to make any repair— I put a dollar amount next to the item: Missing downspouts, power washing the siding, aligning the door,replacing loose faucet, installing door knob, etc. By doing this, the buyer’s silly wish list will be vanquished in favor of masonry, electrical and mechanical repairs.
Most likely, reasonable requests generate more favorable response.
The second part could be the challenge posed by the listing agent. Some agents don’t want to be inconvenienced by going back to the sellers to discuss the “Notice of Unsatisfactory Inspection.”
However, there are many excellent listing agents who know how to educate the sellers.
I can tell from the way the other agent communicate if the inspection negotiation will meet a stalemate. An agent who takes a strategic offensive upon receipt of the NOTICE will need a chill pill.
And if I am having a bad hair day myself, it is better to cool off first. The rule of engagement don’t fire until fired upon does not apply.
If you combine the art of communication with math and right kind of attitude minus cold feet and massive issues, there is no reason for a home inspection to cause the deal to fall through.
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