Buying a House - The Remedy Phase
Now that you have the report from the home inspector, it is time to request the remedies. You will need to go through the inspection report and figure out what you think needs to be fixed. You could ask for everything to be fixed, but there is little chance that that will be accepted. The remedy phase is as much a negotiation as the purchase phase. What were were advised is to get ask for the money to be escrowed for any major work to be done. This will allow you to do quality work where as the owners might (and I stress might) just do the quickest and cheapest solution to get the problem fixed. Allowing the money for repairs to be escrowed will allow you to have final say over how it is done. Work it just like when you were negotiating the purchase price. There should be things that you you need to be fixed to have the sale concluded.
Things I’ve learned from the remedy phase:
- The sellers are not legally obligated to fix anything, but you are not obligated to continue the transaction of there is something materially wrong and you and the seller cannot agree on the remedy.
- The negotiation for remedy will work just like the purchase negotiation. You’ll ask for somethings to be fixed (or money escrowed) and they will suggest what they are willing to fix or what they are willing to give and back and forth.
- For major things, be prepared to have to get several estimated submitted to the sellers.
