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Step 1
Smart buyers will make any real estate deal contingent upon an inspection report. As a seller, it is a good idea to have a home pre-inspected. This allows the seller to point out defaults upfront and that the seller has negotiated in good faith. For both buyers and sellers, the inspection report is important as both a discovery tool and as a negotiation tool.
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Step 2
The seller often has to give the buyer a disclosure statement depending on the state. This gives the buyer a chance to get out of the deal. It also gives the buyer a chance to get a better deal. If the report is a very good one, it becomes a negotiating point for the seller.
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Step 3
Sellers should consider getting most repair work done instead of lowering price. The reason is the seller can often get work done for a lot less than the buyer might think is needed.
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Step 4
Sometimes reports help buyers and sometimes they help sellers. Both parties need to make sure they understand the inspection report and any cost of repair since both parties can lose significantly if they don't.
