Top Ten List: Mistakes Buyers Make, Part IV
Here are the last two points.
9. Not allowing enough time or money for inspections. Most towns in Marin - Corte Madera, Larkspur, Mill Valley, etc. - require some kind of re-sale inspection, with varying degrees of severity. That’s a given. I’m referring to the inspections that tell you the condition of the property. At a minimum, a good pest inspection and a good contractor’s inspection are a must. Depending on where you are, or what is found in the first two, you may need a structural engineer, chimney repair company, plumbers, electricians, etc. They tend to build on each other, depending on what is discovered. And most cost money. Do you think $600 is too much to pay for a good home inspection? Ask our client who recently discovered, thanks to the home inspection, that the entire sewage system was put in badly. He received a very large credit to fix it. Money well spent, I’d say. And that leads to No. 10….
10. No-gotiation. Yes, it’s supposed to be negotiation, but often buyers need help with negotiating. That’s where a good agent earns their commission, and then some. If you find something wrong that was not in the disclosures, then I believe you’re entitled to compensation for it, especially in this market. It can get very tricky, though. The report says the shower pan leaks and needs to be replaced, and it costs $5,000. The seller’s contractor looks at it, and says it can be repaired for $2,000. What do you do? Take the credit? Demand the full $5,000? Let them fix it and bear responsibility?
Ask your agent. If they’re good, they’ll have an intuitive understanding of what is going on, and can help you sort through it. But negotiation is part of it - every single time.
