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Can I Renegotiate The Sales Contract On A Home After A Bad Home Inspection?

When you are purchasing a home, the purchase agreement has to be signed before work can begin. It is important to understand what the purchase agreement contains and how it affects you as the buyer before signing anything. One of the most common issues that come up with home buyers is that they want to renegotiate part or all of the sales contract after having a home inspection performed. Usually, this happens when the Knoxville home inspection report discovers something in the house that is damaged or defective. When you do have a bad home inspection, it is important to understand how it affects your contract and what options are available to you.

When you enter into a home contract, there is what is called an inspection period. This gives you the option to have the property inspected by an independent company or inspector of your choice. Depending on where you live and what type of contract is used, this inspection period can vary in time from about 2-10 days after both parties have signed the contract. The reason for this period is so that you have the chance to inspect the property to ensure there are no defects, damages, or issues with it. This is important because after this inspection period is over, if you decide to back out of the contract either by simply choosing not to purchase the home or through another option such as putting earnest money into an escrow account, you are responsible for the cost of the inspection.

The reason that there is a time limit on inspections and why many homebuyers choose to have their inspections performed within the first few days of the inspection period being open, is that many sellers will not wait for a buyer to have an inspection performed. In some cases, as soon as the contract is signed the work will begin on whatever agreed-upon changes need to be made or repairs needed to be completed so that the seller can meet deadlines with other contracts on the property. For this reason, many buyers choose to have their inspections performed within the first few days. However, if you are not in a hurry and can wait for some time before having an inspector come out, it is usually better to do so because you may find some minor problems that you can have fixed prior to your inspection being performed.

If your inspection report comes back and there are some problems that need to be addressed before you can continue with the purchase, you have options. The first thing you should do is to contact the seller and explain what needs to be done and why. Depending on your contract, they may choose to pay for these repairs out of pocket or make sure it gets fixed prior to closing. If they refuse to make these changes, you have the option of canceling the contract. If that happens, the most important thing is to not sign another sales contract or back out of your current one unless you are 100% sure everything will be clear.

If they agree to pay for any repairs needed for you to continue with the purchase, they may ask to renegotiate the sale price of the home. This is an option for you, however, whether it is a wise choice comes down to what your budget allows. If you are already stretched too thin financially or can not afford another increase in the sales price of the house, it may be best to cancel the contract and look for other homes. However, if you can afford it and believe that this is a reasonable request, then having them re-price the home may be an option.

I hope this article helped you better understand what your options are when having a home inspection performed on a house you are thinking about purchasing. The most important thing to remember is that there is no need to stress.

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