After looking for months, we finally found a home we could afford. Unfortunately, the home inspection revealed a number of defects that weren’t apparent at the time we agreed to buy the property. While we have the right to walk away without penalty, we prefer to work out a solution. What are some of the options?
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UPDATED: May 2, 2012
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Though sellers must disclose all known defects to buyers, there are certainly cirumstances where the seller did not know of the defect or the defect wasn’t easily visible. Since you want to resolve the conditions, your first step is to review your home inspection report, prioritizing the major repairs. Second step is to solicit several bids from contractors on the cost of the repairs. Third step is to re-negotiate with the seller for a lower sale price or require the seller to make repairs. As with the initial purchase negotiations, you can expect counter proposals. Whether the seller will agree to pay for the items may depend on the terms of the contract and the current market and price for the property.