When making an offer on to a seller, raise the purchase price slightly and put a contingency in the sales agreement stating, "purchase contingent upon home inspection" in order to expose any of the properties faults so you can have grouds to renegotiate for a lower price?
2007-02-20 05:44:19 · 4 answers · asked by John S 1 in Business & Finance ➔ Renting & Real Estate
First of all, it depends on the state you are in. some states (Texas for example) have a clause similiar to that built into the contract. Some states do not.
You will have to talk to your real estate agent, but here is what I would do if your states contract does not cover this.
I would not bother increasing the price based on this one issue. I would write into the contract:
"Purchase contingent upon inspection that is satisfactory to the buyer". This way, if there is anything that is not satisfactory to you, you should be able to back out.
The way you had it worded, it would leave the interpetatiion of the inspection up to either party. You could think it was bad and the seller could think it was good, then you would have problems.
Once again, talk to your real estate agent.
2007-02-20 07:43:42 · answer #1 · answered by txrealestateagent 3 · 0⤊ 0⤋
No, that is not smart. "Contingent upon inspection" is pretty much standard. Also inspectors don't always find everything. Once you offer an price, the only thing the seller would willing negotiate is the repairs/paint etc. You should get a realtor to draft an offer if you don't already have one.
2007-02-20 05:54:28 · answer #2 · answered by spot 5 · 0⤊ 0⤋
You can bump the price, but ANY property more than a year old should be contingent upon a home inspection.
2007-02-20 05:52:00 · answer #3 · answered by Enchanted 3 · 0⤊ 0⤋
There's no reason to raise the price slightly.
Change it to "purchase contingent upon satisfactory home inspection."
2007-02-20 05:52:46 · answer #4 · answered by Vegan 7 · 0⤊ 0⤋