Once there is an accepted offer on a home, an inspection is highly recommended. (Read more about why a home inspection is important here…). You are likely to hear two different terms that you may not be familiar with after the inspection is completed. In our continued effort to make sure you are well educated in all areas of the real estate process, let’s dig into the difference between inspection objection and inspection resolution.
Inspection Objection –
After a home inspection, the buyer has an opportunity to address any issues on the inspection report with the seller for repairs. The buyer will list anything he/she requests the seller to fix on the inspection objection document, or the buyer could ask for a reduction in purchase price. Often times, the first request from the buyer will ask for more repairs than the seller is willing to agree upon. At that point, the buyer and seller start negotiations. If both parties can not reach an agreement, the contract becomes null and void. At that point the earnest money can be refunded to the buyer.
Inspection Resolution –
The agreed upon repairs/revisions will be listed on the inspection resolution document. Negotiations may go back and forth several times before reaching this resolution, but there will be a deadline for the final agreement. This is another time when it is advantageous to have a real estate agent on your side. The real estate agents act as mediators between the two parties. Having their expertise on your side will assist you in reaching a fair compromise.
The inspection objections will need to be presented to the seller by a certain deadline and an inspection resolution must be met or the contract is no longer valid. Because negotiations can become heated at times, especially when such a large purchase is at stake, we highly recommend using a well qualified real estate agent. Give us a call today. We have the experience you need to make sure you are represented fairly during the negotiation process.
Sources: amitree.com, jimsmith145.blogspot.com