Home Inspection Expert
Provides Tips on Negotiating the Price of a New Home
By: Real Estate News
There’s no denying the tide is turning in
the real estate market. However, that doesn’t mean home prices are tumbling
or that sellers will be willing to accommodate a buyer’s every demand.
Kathleen Kuhn, president and CEO of HouseMaster, one of the largest national
home inspection firms, says, “When HouseMaster opened its doors nearly
thirty years ago, interest rates soared to 17 percent and in some areas home
sales dropped 50 percent. While there’s little chance the housing market
will mimic those statistics, today’s buyers are in a better position to
negotiate conditions found during their home inspection if they do it
right.”
Kuhn suggests the following tips when negotiating the price of a home:
1. Choose your inspector carefully. Verify the training the inspector has
had, whether or not they have access to ongoing education, any additional
certifications they may carry and if they have all the necessary local
licenses. Ask to see a sample copy of their report. A poorly written or
unprofessionally prepared report will make it harder for the seller to take
the inspection report seriously.
2. Go on the inspection. Being there will make the written report much more
meaningful and a qualified inspector will demonstrate how to operate many of
the systems of the home, show the buyer where important shut-off valves are,
and point out any areas obstructed by furnishings or storage. It will also
make it easier to verify that repairs have been made and check any areas
that were obstructed at the time of the home inspection during a final
walk-through.
3. Focus on the major elements. A general rule of thumb is that anything
that would cost less than $500 to fix should be considered normal
maintenance.
4. Be realistic. Get several estimates for needed repairs so that
negotiations are realistic and financial requests can be substantiated.
5. Consider a home warranty. If many of the major systems in the home are
working but are older, ask about a home warranty. Most warranty programs are
renewable so a buyer can opt to continue the coverage after the warranty
period expires.
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