Once a home inspection is finished, who pays for the necessary repairs? In truth, all of this will be decided through negotiations.
The seller isn’t obligated to complete or pay for any repairs, but, likewise, the buyer has the opportunity to back out of the deal if this is the case.
However, this isn’t usually how things play out. Instead, the buyer will order the home inspection, which can cost anywhere between $350 and $750, within a seven- to 10-day period after going under contract. Then, once the inspection is complete, the buyer’s agent will bring a few noteworthy items from the inspection report to the seller’s attention and ask that the problems either be resolved directly or that the seller offers a financial credit so that the buyer can take care of the issue themselves.
This request will be presented as an addendum to the original contract, and, as I mentioned earlier, will be subject to negotiation. There are many ways to approach these negotiations—all of which should involve having the right agent advocating for your best interests.
If you have any other questions about this or any other real estate-related topic, feel free to give me or my team a call or send us an email. We look forward to hearing from you soon.