Step 15: Read the Inspection Report

Once Once the inspection report comes back, you need to review it thoroughly. It might be over 30 pages long and could list more than 25 issues that need attention, which is quite common. It's rare to come across an inspection report without at least five repair items.

Distinguishing between minor cosmetic fixes like recaulking a shower or replacing a broken microwave handle and more significant problems such as basement sewer backup is crucial. Remember, the report is for your information as the buyer, not a to-do list for the seller. Focus on structural concerns, safety hazards, and non-functioning appliances or mechanical systems.

Here are some tips for interpreting the inspection report:

• Give priority to issues related to electrical, plumbing, roof, foundation, and water intrusion, as these can be costly to fix.
• If major concerns arise, consider additional inspections by specialists such as structural engineers, electricians, or pest control experts, with you covering the inspection fees.
• Create lists: items the seller must fix for you to proceed, items you'd like them to address but are not deal-breakers, and items you're willing to handle or aren't essential fixes.

We'll review your lists with you, ensuring they cover necessary repairs adequately without overreaching.

Remember that you can request repairs or negotiate for a repair credit, which can be used towards closing costs. This way, you could have funds available post-closing to address necessary repairs. Critical items from the inspection report include safety and structural concerns and malfunctioning systems/appliances.

Once we agree on a plan, we'll negotiate repairs with the seller's agent using a Buyer's Inspection Response. If only minor fixes are needed, negotiations will likely be swift. However, if estimates from contractors are required, the process may take 3 to 7 days.

The sellers will respond with a Seller's Inspection Response to our repair requests. Patience is key during this phase. Repairs should be completed by the final walkthrough, with receipts sent to us before closing. If no agreement is reached, you have the option to walk away and receive a refund of your earnest money.

Additionally, within the negotiation scope, requesting a home warranty for the first year from the sellers is possible.