Purchasing a home can be one of the most rewarding experiences life has to offer, but every reward comes with a degree of risk. For the majority of people, buying a home is the most expensive decision you can make, so its crucial that you understand the process which includes a handful of protections and pitfalls. The homes condition commonly becomes one of these pitfalls if you don't understand the purchasing process. Thankfully tools such as inspections, requests for repair and appraisals are all put in place to help the buyer gauge the value of their desired property. After you agree on a purchase price you would schedule all of your inspections, and once completed, you will receive your inspection reports. If the reports show that the home needs some repairs, you'd have three different options: requesting a price drop, requesting a closing credit or requesting that the seller have the repair items fixed during escrow (least common because of the extended time frame to allow the repairs). Similar to the initial price negotiations, the seller can either accept, counter, or decline your request for repair. If you can't come to terms regarding your request, you can simply cancel the sale and walk away with your deposit being that your inspection contingency is still intact. If you take anything away from this weeks newsletter, please let it be a better understanding of the purchasing strategy. If a seller won't budge from their listing price, there's a good chance that you can adjust it once you have a clear idea of the properties condition. To learn more about the buying process; including other protections, timelines, and commonly used terms, visit: BrandonBrownRealtor.com/buyers
