What are a buyer’s options after receiving a home inspection report?

After having your offer on a home accepted, a common next step is to have a home inspection. Rare is the home that will yield an inspection report that doesn’t call for attention to at least some non-trivial matters.

A buyer has two primary ways to respond to an inspection report. One is to submit an addendum to the sales agreement specifying that the seller will remedy items identified on the inspection report, employing qualified tradespeople and providing proof of completed work. Another option is to have the buyer receive a credit for closing costs and prepaid expenses, to cover the cost of the buyer having the issues addressed.

With Option A, the buyer has the peace of mind that an expert will have fixed a component of the house identified as requiring attention — furnace, water heater, etc. — and completed necessary repairs before he moves in.

It’s important to do a final walk-through before closing to make sure that issues buyer and seller have agreed will be fixed by the seller truly have been addressed. Naturally, you will want to obtain and keep proof that such work was completed. If something goes wrong during the period covered by the tradesperson’s warranty, having documentation will make it easier to get the problem resolved.

Option B might be preferred by some sellers. There is a school of thought that sellers should not examine any part of a buyer’s inspection report. Instead, this line of thinking goes, a seller should provide a credit for the costs of repairs and have the buyer take care of getting issues identified in the inspection addressed.

More responsibility falls to the buyer under Option B. Rather than having the seller arrange and pay for repairs, this buyer has to obtain estimates for the necessary work to receive a sufficient credit to cover repairs he will have done. Keep in mind that an estimate of the costs for a repair can be superseded once the work is done.

There are other options, of course, in working toward a compromise — such as using a combination of Option A and Option B to address whatever the home inspection report shows as needing attention.

Working with an experienced Realtor can help make the post-offer, pre-closing process go smoother for you. If you’re a buyer, I can help you decode a home inspection report while keeping the deal on track.

If you’re thinking of selling your home, I can help you negotiate a fair agreement arising from a home report. Whatever your status, I can assist you in your real estate transaction. Please contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.

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8 Questions to Ask Yourself before Buying a Home

Bend Oregon Home Buyer

By Jason Boone

Buying a home can be an exciting process but it’s important to move past the initial home buying excitement and focus on the actual work involved with buying a home by asking yourself these 8 questions.

Is Your Income Stable?

Lenders will first be reviewing your income before anything else because, they want to have confidence you will be able to make your monthly mortgage payments.

Do You Have A Steady Employment History?

You must have a stable employment history of at least two years with the same company.

What Is Your Debt To Income Ratio?

Your debt-to-income ratio must not be more than 30% of your monthly income.

Have Your Reviewed Your Credit Score?

Before applying for a mortgage loan make sure you pull your credit reports and review your credit score because, it’s important to confirm that the 3 major credit bureaus are reporting accurate information about you and you have a credit score which meets your lenders requirements.

How Much Money Do You Have Saved For Down Payment?

Are you able to put use a down payment of at least 20% of a home’s purchase price? 20% is ideal because, this what most lenders expect from someone who wants to purchase a home.

Is The Home You Want To Buy Worth The Sellers Asking Price?

Once you’ve been pre-approved for a mortgage loan it’s important to ask yourself if the home you want to purchase is worth the seller’s asking price. You can confirm its price by asking your Realtor to do a comparable analysis of other homes which have recently sold in the same area.

How Flexible Is The Seller When It Comes To Their Asking Price?

You should always have your Realtor ask the listing agent how flexible the seller is on their asking price because, they could want to stick to their price and be insulted if you submit a low ball offer.

Do You Know What’s Wrong with the House?

Although a home may look great on the outside it might have problems which you can’t see from the street that’s why it’s important to ask the seller what’s wrong with the home and ultimately have a home inspection done should you decide to submit an offer.

Learn More

To learn more about the questions you should ask before buying a home or to view the latest Bend Oregon Homes for sale contact me, Jason Boone, Principal Broker with Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or by emailing me.

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Jason Boone | Principal Broker, CRIS | Duke Warner Realty | Skjersaa Group
Oregon Real Estate Licensee | 1033 NW Newport Ave Bend, Oregon