Residential real estate markets ebb and flow. Sometimes they favor the seller, and other times the buyer. For example, in the hot market during the pandemic, some people might forgo a buyer’s inspection in Colorado Springs.
A buyer’s inspection gives you leverage and purchasing power, so skipping it is a recipe for disaster. However, during covid, some buyers would wave their inspection in a rush to bid when inventory is low. Unfortunately, without an inspection, those buyers were purchasing blind. For example, you don’t want to find out the house needs new plumbing after you move in. When issues are found during an inspection, the buyer can ask to bring down the price, get credits, or get repairs before closing. Now that the market is starting to cool, we’re seeing more sales completed with a buyer’s inspection in Colorado Springs.
Can you negotiate an offer on the house after a home inspection?
Yes. Realtors and sellers expect some negotiation. So, buyers can request changes to the contract, especially if the inspection shows problems that weren’t on the seller’s disclosure. But, sellers are within their rights to approve or deny such requests.
Inspections in a Sellers’ Market
In a hot housing market, sellers get multiple offers, which gives them more leverage. For example, we saw an explosion of bidding contests in the recent uptick in home sales during the pandemic. As a result, available homes for sale were at record lows, and home inspection contingencies offers were far less likely to prevail. So, many buyers waived inspection to get a bid accepted. Unfortunately, this meant many people would discover major defects after moving in.
Inspections in a Buyers’ Market
In recent months, the housing market has been normalizing. With more inventory, there are fewer bidding wars. So, buyers have a chance to do their due diligence before closing. A contingency inspection protects and informs buyers. Knowing the property’s faults gives them greater leverage at the negotiating table.
Advantages of Buyer’s Inspection
During a buyer’s inspection in Colorado Springs, the inspector spends several hours examining the property from foundation to roof. Then, a full report outlines the current status of the structure, systems, and major appliances. So, if any significant issues arise with the plumbing, electrical, or HVAC, the buyer can negotiate for changes in price, credits, or repairs.
Buyer’s Inspections in Colorado Springs
You don’t want to miss anything in your buyer’s inspection. So, look for an experienced home inspector who is thorough and trustworthy. Jim has over 35 years of experience as a contractor and home inspector. Call to schedule a buyer’s inspection in Colorado Springs — 719-491-1520.