Negotiating During the Inspection Period
Summary
In this video, I discuss the importance of negotiating with sellers during the inspection period of a home purchase. I explain that every house, regardless of price range or whether it’s a new build, will have issues that can be used as leverage for renegotiation. I highlight the opportunity to ask for more money, seller concessions, or a price reduction during this time. I also emphasize that it’s crucial to consider major issues that may require significant repairs and the sellers’ willingness to address them. Watch the video to learn more about effective negotiation strategies during the inspection period.
Transcript
0:00 I see a lot of deals fall out during the inspection period and let me back up. The buyer is backing out during the inspection period.
0:10 Let me be clear, every single house doesn’t matter what price range or if it’s a new build are going to have issues.
0:19 It is the best time to negotiate with the sellers or I should say renegotiate and to ask for more money.
0:28 The sellers don’t want to continue with the showings. You know, once they agree to the deal, they’re starting to mentally check out.
0:36 You know, they don’t want to do the showings anymore. They’re tired of it being on the market. They’re tired of the stress.
0:40 They’re starting to now count the dollars, you know, the profit that they’re making and also them moving on with their lives.
0:48 So if there are issues like which is going to be every single house, by the way, great. Ask for more money.
0:54 Ask for more seller concessions. Ask for a price reduction. It’s a great time to get it. The only way that I wouldn’t buy a house and back out because of the inspection is if there are major issues like a new roof or something catastrophic that’s costing tens of thousands of dollars and the sellers aren’t
1:16 Willing to work with you. Other than that, I mean, I’m asking for you know, all sorts of concessions and they’re gonna probably work with you.
1:25 So yeah, I’d highly recommend you renegotiating during the inspection and not backing out because of minor issues.
