Charlotte Home Buyer Tips: Negotiating Repairs When Buying a Charlotte Home
Inspections can turn up repair issues during the Charlotte home buying process which can seriously increase your cash outlay as a buyer. Issues with appliances, electrical, plumbing, structural and HVAC are just a few issues that can crop up during your Charlotte home inspection. If you find yourself experiencing repair sticker shock, keep these thoughts in mind:
The choice is YOURS: As the buyer, YOU get to decide whether you wish to proceed with the purchase of this particular Charlotte home or not. Remember, you are not at the mercy of the seller’s demands. If you can’t reach an agreement, then you can opt out of the transaction, as long as you’re within your Due Diligence period of the Contract.- The first estimate you get on the potential repair cost may not be the lowest or most accurate: Don’t be so hasty to withdraw your Offer on the home when the repair estimate comes back beyond your budget. Find out if there is any way to get a better price on the repair. Always go with a reputable company but, talk to a few specialists to see if there is a less expensive way to address the problem. Maybe the HVAC system can be repaired instead of completely replaced. Perhaps if you have the work done in the summer months, your vendor will cut you a break on the pricing because it is during his off-season. Be creative!
- Counter-offer: They’re not called repair negotiations for nothing! The seller may have “low-balled” what he is willing to toss into the pot on the theory that you would cave and accept his short list of repairs that he/she will handle. You can always go back to the seller and let him/her know that, as much as you love their home, you really don’t want to purchase it with ______ in need of repair.
The most important thing to remember is that no home is going to be absolutely perfect. Doing what you can to negotiate the best situation – with repair professionals and with the seller – can salvage a deal on a Charlotte home that may, at first glance, appear to be going south.
Whether you need help finding a home to buy or negotiating the deal, I can help. Give me a call today at (704) 491-3310 or email me at Broker@TheCharlotteScoop.com for more information.