If you’re buying or selling a home, then read this piece to avoid problems down the road. Credits, or price adjustments, usually occur after a home inspection of the property. The inspection may uncover unknown problems with the home. The secondary reason for credits occurs when buyers are trying to get the price down, to complete the sale.
Many sellers have inspections done before listing the property. That way, few, if any surprises occur after a offer/contract is signed. Good luck on your next real estate transaction. Try to minimize those credits!
- You’ve found the perfect home, completed negotiations with the seller and are under contract. But the negotiations can continue, depending upon the results of the home inspection.
- Home inspections can identify issues. As a result, buyers will often look for credits or price reductions.
- Savvy sellers can do an inspection before the sale and share it with prospective buyers. That way, the known issues with the home can be factored in to purchase price ahead of time.
“Buyers who ask for credits just to get the price down may be taking a chance.”